Industry Value Chain

Unable to Secure Financing at the ‘Eleventh Hourʼ Northvolt officially filed for bankruptcy in March 2025, which had wide reaching implications for the European and North American battery industries. Before the complete shutdown, production capacity at Northvoltʼs primary Skellefteå plant was only 30k battery cells per week and hampered by inconsistent cell quality. This production rate was not enough to service debt.

Ett Construction

After failing to secure a buyer as the risk profile was too high, Northvolt was ordered to wind down in June 2025 Six

Aurora Cuberg

Revolt

Recycling Program NV Launched

A $5.8 billion debt burden with only $30 million in cash on hand → Assets were only valued at $250 million compared to a $12 billion valuation in 2022

Lyten acquired core assets in Europe and IP; Volvo took full ownership of NOVO Energy; Norsk Hydro took full ownership of Hydrovolt (recycling)

Plans to build a 60GWh plant in Canada ceased in September when the Quebec government pulled future funding after their new plan was rejected

Lyten is planning to restart production lines at Northvolt Ett and Västerås in Sweden as operations achieved over 90% efficiency before closure

Sodium-Ion NOVO

Battery Systems

3 Factories In Development

Hydrovolt

Fem Drei

Ett Production Delay First Cell

Explosion at Ett Factory

BMW €2B Order Cancelled

First Customer Delivery

No revenue or cash flow figures reported after 2023

Source: Volta Battery Report 2024; Company announcements

Extracted from the PDF; charts and images may read imperfectly.