Northvolt, based in Stockholm, Sweden, was founded in 2016 by Paolo Cerrruti and Peter Carlson, the company’s CEO. Northvolt develops sustainable lithium-ion batteries in conjunction with R&D, industrialization, and recycling to support clean energy. The company also provides electrification and renewable energy storage designed for electric vehicles. In July, the company announced that it is developing sustainable batteries that incorporate components produced using wood sourced from forests in the Nordic region.
Among Northvolt’s largest investors are Olympia Group and IMAS Foundation. The company has raised of $7.1 billion in funding over 11 rounds, the latest of which was raised in July 2022 from a convertible note round. In July 2021, trade publication Electriv.com reported that Northvolt -- whose last known valuation was $11.75 billion -- was interested in going public (IPO) by 2023.