Rumours of Northvolt courting investors
Swedish news outlet Norran quoted an anonymous Northvolt employee who said the company’s management stated a “very interesting player” had made a confidential visit to the battery factory on Friday last week, but did not name any names.
Norran reports that the private jet was parked at Skellefteå airport on Friday from 9:17 a.m. to 5:53 p.m. It had taken off from Stuttgart, Germany, and sources claim that representatives of Mercedes-Benz visited the factory on the same day. Both companies have headquarters in Stuttgart, where the plane departed from.
Northvolt has not confirmed any of the rumours, with Northvolt’s head of communications stating: “Generally, if there is a visit here, it’s not something we discuss publicly.”
Bosch’s Nordic head of communications, Lotta Lotta Törnberg, also told Norran: “We request your understanding that, due to the volume of routes, potential alterations, and security protocols, we generally do not disclose specifics regarding past, present or future flights.” A Mercedes-Benz Group spokesperson added: “The speculation that we are interested in buying Northvolt is without merit.”
Bosch itself ruled out getting involved in battery production in 2018. Instead, the supplier wants to manufacture parts of the system technology for battery factories. However, the market has developed significantly since then and other managers are now in charge of the Bosch Board of Management.
Mercedes-Benz also owns a stake in battery firm Automotive Cells Company (ACC), a competitor of Northvolt. In February, Mercedes-Benz launched the new Mercedes CLA with a high-end lithium battery that Norran reports is “the precise type Northvolt manufactures.” While Northvolt produces prismatic cells and the Mercedes CLA uses prismatic cells, Northvolt is not the only brand doing this – so this claim remains tenuous.
Northvolt, which filed for bankruptcy in Sweden on March 12, announced earlier this April that it is continuing operations at its factory, albeit not at full capacity. Administrator Mikael Kubu said: “Despite major staff cutbacks, it is positive that operations can continue to some extent, which is likely crucial for selling the business, either in full or in part.”
In November 2024, the company filed for bankruptcy protection under US insolvency law and CEO Peter Carlsson resigned. Two years after starting production, the Swedish factory fell short of production targets, leading to a drop in planned sales as well as the cancellation of a billion-euro order by shareholder BMW in the summer of 2024. The company also struggled to attract further finance from investors, forcing the company to sell off some of its subsidiaries including its module production unit to customer Scania.
Northvolt continues to operate in Germany with construction beginning on a federally subsidised Northvolt Drei battery factory in March. Its German division is still not part of any bankruptcy proceedings, although there is a risk that it could be affected by the ongoing insolvency.
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