# Northvolt

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/northvolt

- Industry: Energy Storage & Batteries
- Headquarters: Stockholm, Sweden
- Website: www.northvolt.com
- Total disclosed funding: $600M
- Latest round: Series B (Sep 29, 2020)
- Investors on record: 9

## About

Founded in 2016 and based in Stockholm, Sweden, Northvolt AB operates as a clean technology company that manufactures lithium-ion batteries for transport, power grids, and industrial, and consumer use. CEO Peter Carlsson and COO Paolo Cerruti co-founded the company. In August 2025,?Lyten, Inc., a portfolio company of?Honeywell Ventures, Prime Movers Lab, European Investment Fund, Stellantis Ventures and Triatomic Capital agreed to acquire ?Northvolt AB. Financial terms of the transaction were not disclosed. The deal is expected to be completed in Q4 2025.

The company's development team manufactures energy storage systems such as Voltblock and Voltpack built with lithium-ion battery cells used for various applications including, automotive, grid, portable, industrial, and disruptors. Northvolt AB also uses hydrometallurgical treatment to provide battery recycling services.

Northvolt AB generates revenue by selling energy storage products and providing data mining solutions to support client's battery and business model needs. The company has secured more than USD 27 billion worth of contracts from key customers, including BMW, Fluence, Scania, and Volkswagen.

## Funding rounds

- Series B, Sep 29, 2020, $600M — Baillie Gifford, Volkswagen AG, Goldman Sachs Asset Management, Baron Capital, East Hill Equity, Norrsken VC, Stichting IMAS Foundation, Bridford Investments Ltd., PCS Holding

## Investors

- Baillie Gifford (https://capitalatlas.ai/funds/baillie-gifford) — Series B
- Volkswagen AG — Series B
- Goldman Sachs Asset Management (https://capitalatlas.ai/funds/goldman-sachs-asset-management) — Series B
- Baron Capital — Series B
- East Hill Equity (https://capitalatlas.ai/funds/east-hill-equity) — Series B
- Norrsken VC (https://capitalatlas.ai/funds/norrsken-vc) — Series B
- Stichting IMAS Foundation — Series B
- Bridford Investments Ltd. (https://capitalatlas.ai/funds/bridford-investments-ltd) — Series B
- PCS Holding (https://capitalatlas.ai/funds/pcs-holding) — Series B