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281 The Inside Story of How a Tiny California Startup Grabbed Europe’s Battery Giant

The Information
Steve LeVine @ The Information 3 place · 08/17/2025 16:00 EDT

The Inside Story of How a Tiny California Startup Grabbed Europe’s Battery Giant

Until last year, things looked pretty good for Northvolt, a Sweden-based battery startup that Europeans saw as their answer to Tesla. The company had vacuumed up $13 billion in capital from largely blue-chip investors and taken $55 billion in battery orders from major carmakers like BMW, Volkswagen and Volvo. Northvolt executives spoke of going public at a valuation of $20 billion.

The collapse of the 5,000-person company came quickly, amounting to one of the largest tech failures ever. In March, Northvolt

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