How should we view Xiao John Khan's new video released on July 29: 'The World’s Most Eco-Friendly Battery—But the European Version' [Fantastic Organizations #34]?

This question can now be laid to rest: Lyten has announced the acquisition of Northvolt’s remaining assets, including its factories in Skellefteå and Västerås. The company has already begun recalling laid-off employees and expects to resume operations in the fourth quarter.

A billion-dollar battery star has gone bankrupt! $14 billion in financing burned through; its 'living expenses' cover only one week—and even its major backer, Volkswagen, cannot save it.

This week, battery giant Northvolt announced it had filed for bankruptcy protection, seeking relief under Chapter 11 restructuring in the United States—and aiming to secure an additional $245 million (approximately RMB 1.78 billion) in new financing. This company had long been hailed as Europe’s great hope in the battery sector and was once dubbed the ‘European CATL’. Founded eight years ago, it raised a staggering $20 billion (approximately RMB 145 billion) in funding. Just one year ago, Northvolt announced plans to go public in 2024 or 2025. Yet a year later, not only has its IPO stalled completely, but nearly all $20 billion has been exhausted—leaving just enough cash to operate for about one week—while carrying $5.8 billion in debt. Even with strong backing, Northvolt could no longer find shelter: its largest shareholder—the Volkswagen Group, holding 21%—is itself facing severe financial pressure. The unicorn battery company declares bankruptcy This week, Swedish battery unicorn star Northvolt declared bankruptcy via a restructuring announcement. The official statement reveals that Northvolt has filed for bankruptcy protection in the United States and voluntarily initiated Chapter 11 reorganization proceedings. Under this process, Northvolt may continue delivering products to customers and paying employee salaries—and, most crucially, still holds the possibility of securing fresh financing to alleviate its crisis. If successful, Northvolt could receive up to $245 million (approximately RMB 1.78 billion) in new capital. Northvolt disclosed that it currently holds only about $30 million (approximately RMB 220 million) in cash—enough to sustain operations for roughly one week—while bearing $5.8 billion in debt (roughly RMB 42 billion). Carlson, co-founder and CEO—who previously served as an executive at Tesla—announced his resignation following the bankruptcy declaration. He revealed that restoring operations would require at least $1–1.2 billion. In fact, Northvolt’s struggles had become evident months before its bankruptcy filing. In August, Northvolt abruptly shut down Cuberg—the battery startup it acquired in 2021—and laid off 200 employees. By September, it cut another 1,600 jobs—about 20% of its total workforce—and closed a cathode active material (CAM) factory in Sweden. In November, Northvolt further divested Cuberg, selling it to Lyten, a Silicon Valley–based battery startup. Within just a few months, Northvolt plummeted from being Europe’s hottest battery star—facing layoffs, plant closures, and asset sales—to outright bankruptcy. Its speed of decline is truly astonishing. After all, this battery unicorn had been widely seen as Europe’s battery savior—even branded the ‘European CATL’. Over its eight-year existence, buoyed by the EU and other governments, Northvolt raised approximately $20 billion—including equity investments and subsidies—equivalent to roughly RMB 145 billion. As recently as early this year, Northvolt secured $5 billion in fresh funding, making it one of the best-capitalized startups in Europe’s electric vehicle market.

Startup Backed by EQT Founder Acquires Northvolt Recycling Assets

1 day ago

RefinyX acquired Northvolt’s battery recycling technology and patents, backed by Qarlbo Energy. The transaction highlights the strategic push for domestic mineral recovery to reduce reliance on Chinese supply chains.

bloomberg

2026-09-24

Startup Backed by EQT Founder Acquires Northvolt Recycling Assets

Startup Backed by EQT Founder Acquires Northvolt Recycling Assets

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