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Northvolt

EV batteriesSweden
💀 Dead / Bankrupt
Peak $12 BillionToday
~-100%
from peak
  1. 🦄
    Became a unicorn
    2019
  2. 📈
    Peak valuation
    $12 Billion ’21
  3. 💔
    Became a Unitard
    Nov 2024
  4. 💸
    Last valuation
    ~$0
Current status
Chapter 11 (Nov 2024); Goldman wrote $896M to zero

How it happened

Northvolt was a Swedish EV battery manufacturer positioned as Europe's homegrown challenger to Asian cell makers, reaching a ~$12B valuation in 2021. Production ramp problems, mounting losses, and funding shortfalls overwhelmed the company. It filed for Chapter 11 bankruptcy in November 2024, with backers including Goldman Sachs writing down their stakes to zero (Goldman ~$896M) alongside VW and Baillie Gifford.

Source: Financial Times/Reuters