Northvolt co-founder tells Impact Loop: I hope we inspired people to dare think big

Peter Carlsson has just concluded a press conference in front of an intense media scrum in Stockholm when he grants Impact Loop – as the only media outlet – an exclusive interview.

Northvolt’s co-founder and former CEO is visibly affected by the situation as we sit down on a sofa at Northvolt's airy office in Stockholm. He takes time to think through his answers, and often pauses mid-sentence.

Around us, it seems to be almost business as usual – two people are even playing ping-pong in an adjacent area.

How are you feeling after this press conference?

"Right now, it’s sad. Today is about walking around and talking to the staff here. Then it's about gathering new strength and trying to help the trustee and the team that remains here to find solutions. I think it's so important that this work continues and that the different pieces we've created during this process find new owners."

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Were attempts made to sell Northvolt before the bankruptcy?

"Up until the Chapter 11 process, it was very much about solving the financing issue first of all, and then the updated business plan. When we entered Chapter 11, that work continued, but of course when we entered that process, there was also the possibility to bid on the entire company. But we've seen that it's easier to find partners and buyers for the different parts."

Will the sale of Northvolt Systems to Scania not go through?

"I don't want to comment on how that process will go, because it now lies with the trustee and obviously with Scania. So I actually can't answer that."

But did they manage to buy the company before the bankruptcy?

"No, we didn't have a closing before we were forced into this."

This has been a very long process going on for several months. Is there any sense of relief for you that it's now over?

"No, there really isn't. And the reason it's been such a long process is that there's genuinely been a willingness from many people to try to find solutions. Both from a team here that has been turning over as many stones as possible, but also from various stakeholders."

"It has really been an emotional but also tough rollercoaster during this time. I actually have high hopes that we and the administrator will be able to find good solutions for how this work can continue. But it’s important not to wait too long. It's the combination of assets and employees that creates the real value."

Will operations continue at Northvolt with the help of government guarantees? Or will the lights go out completely?

"Exactly how operations will continue must be answered by the new trustee. But there is great interest in keeping production going."

When did you start to feel that things were going in the wrong direction? When did you see the first signs that everything wasn't quite right?

"What you have to remember is that this entire journey and building this company, has never been all sunshine and rainbows. It has been incredibly hard work where we've constantly been working with whatever the bottleneck was at that time – financing, construction or production. At the same time: Working with very talented people and putting energy into solving problems creates energy. And that's the feeling I share with many colleagues. Despite the fact that there have been very difficult tasks, it has still been very enjoyable to solve them together with good people."

But can you recall any sign when you felt things weren't going well in the company?

"I have and will continue to ruminate on what could have been done differently. But today I want to focus on our staff and how we can support them going forward."

Can you also reflect on the fact that many other impact companies may have been greatly inspired by Northvolt?

"Hopefully – and I know this from talking to many who have reached out – there are others who have been inspired to dare to tackle difficult problems. Difficult problems that are linked to the transition we must make. And I think we have spurred many to dare, and even within the company we've spurred employees to dare believe in themselves. We already see that there are a number of companies that have sprung from Northvolt and hopefully we will see many more."

There has been an enormous amount of media coverage around Northvolt and yourself. How has that been for you?

"It has been very, very tough. After a while, you stop reading. I can really feel it... especially with employees who are fighting hard and have received so much negative press and criticism lately. I think the media certainly needs to investigate and question things, but I think perhaps more voices should have been heard about the importance of the green transition and building this new industry. I think that's been somewhat missing from the debate."

Do you think the media coverage has affected the outcome for Northvolt?

"I don't want to speculate on that."

Do you have any thoughts about the future and what you'll do going forward?

"Of course I’ve had, and have, some ideas. Right now, the focus is on the here and now, on the staff and how we can help the administrator find a long-term solution for the various Northvolt operations."

What do you want to say to other impact entrepreneurs who read Impact Loop?

"What I really want to say is that the overall problems we're trying to solve are important. The climate issue won’t disappear just because there are changing political winds and wars going on. I want to say that people should continue to dare to believe. To dare to follow their ideas, their passion and find solutions going forward is incredibly important for our entire society. So I really hope that this setback doesn't result in people not daring. Because that's critical."

Should people still dare to think big?

"Of course you should dare to think big."

I have to ask the question: There has been a lot of reports and comments about you getting rich from Northvolt. Would you like to comment on that?

"Today I think that's such an incredibly stupid question. That was in a completely different time. It's quite common in different startup companies for employees to get a chance to sell stock. There was a very high demand at the time and I sold a very small part of my shares 4-5 years ago. I continue to be an investor both in Northvolt with that money and in other startup companies. But I think it's completely... to bring this up today is so petty."

What would you like to say when you look back on this whole journey?

"Today I would really like to thank all the employees who in many cases moved to Sweden and worked so hard to achieve our goals. We didn't go all the way, but the last chapter is not written..."