The Electric: Northvolt’s Blunt Message to Fellow Battery Startups—Don’t Expect a Bailout

Around a year ago, Swedish batterymaker Northvolt was feted in Europe and North America as the West’s answer to China’s dominance of lithium-ion battery production. The Quebec and Canadian governments committed $1.9 billion in subsidies toward a Northvolt battery plant near Montreal, and the EU provided a $5 billion loan toward a Northvolt gigafactory in Germany. Northvolt’s executives spoke of a public listing at a valuation of $20 billion as early as 2024.