The media’s Northvolt takedown is alarming – haven’t we learned from past witch hunts?

Say what you like about Northvolt. They’ve definitely made some mistakes. But reading some of the analysis pieces and op-eds about the Swedish battery giant over the last week, I wondered if I’d stumbled into a dark corner of Reddit or Flashback (a controversial Swedish internet forum known for its unmoderated approach to free speech).

Before anyone accuses me of playing defence for Peter Carlsson’s team, let me be clear: I’m not talking about the factual, necessary reporting on Northvolt’s cutbacks, financial strains, and especially not the tragic, as yet unexplained, workplace fatalities.

What I’m talking about is comments like these:

"Peter Carlsson is essentially a botched procurement manager." (Peter Benson, Affärsvärlden)

"Northvolt's CEO, Peter Carlsson, bears ultimate responsibility for the production fiasco." (Johan Wendel, Dagens Industri)

"The founders of Northvolt managed to dupe everyone for years that Northvolt was a low-risk project." (Andreas Cervenka, Aftonbladet)

“Botched”, “fiasco”, “dupe”… After over a decade working in business media, I shouldn’t be surprised—I’ve seen this cycle too many times. First, the news sites big up the founder(s) of a fledgling company. There are glossy profiles in weekend broadsheet supplements and lighthearted summer radio interviews with barely a critical question in sight.

But when the cracks start to show, the tide turns, and the pitchforks come out.

A shift in tone, or an agenda?

Let’s take the Northvolt example. When Northvolt received government backing a few years back through Sweden's Klimatklivet scheme—a national initiative designed to fund projects that cut greenhouse gas emissions—the media painted it as a step forward in sustainable industry.

But when Northvolt-owned Novo Energy recently announced it was applying for funding from the Swedish Energy Agency, the broadsheet Dagens Nyheter ran a headline, “Northvolt-owned company wants 12 billion from the state.” Not only was this a pointed shift in tone (“wants” from the state), the article was actually inaccurate—the real amount requested is reportedly under a billion kronor (approximately $92 million USD or €85 million EUR).

Even established trade media joined in. Tidningen Arbetet, which brings an important worker-focused perspective to its reporting, cites an anonymous source as follows:

"Peter Carlsson is utterly mad. He’s as crazy a visionary as Elon Musk. In his head, he probably thinks he’ll have 400 factories in 40 years, with 50 of them on the moon."

These “thoughts” then became headlines and were presented as facts. Carlsson became the stereotypical visionary who’d lost his grip on reality.

The media’s growing mean streak – is it ideological?

What’s this all about? Have we honestly learned nothing from history? Does journalistic sense just go out the window the second there’s a scandal-led bandwagon to jump on?

Reading all the recent Northvolt coverage, I’ve been reminded of Benny Fredriksson, the former CEO of Stockholm’s Kulturhuset (a major cultural centre in Sweden), who took his own life following a similar spiral of distorted narratives.

But with Northvolt, I sense something deeper: it’s ideological.

The tone is sharper, the language is mocking, and the pace more frenzied. The atmosphere draws parallels with the highly polarised media climate in the United States.

The tone is sharper, the language is mocking, and the pace more frenzied

When economics journalist Andreas Cervenka tosses around words like “gambling” in his column on Northvolt for Aftonbladet—Sweden’s largest tabloid—he does it with the confidence of laying down a winning poker hand. He insists this will make it tougher for other impact startups to secure funding. But honestly, what does Cervenka really know about that?

At Impact Loop, we’ve asked impact entrepreneurs this question many times, and the responses are mixed. Many believe Northvolt has, if anything, given a boost to impact companies by putting them on the map.

Yet this perspective is largely absent from other mainstream outlets. In Affärsvärlden—one of Sweden’s top business magazines—Peter Benson, a writer whose analyses I usually respect, writes multiple long articles seemingly dedicated to tearing down Northvolt. He scoffs at how the company prioritises “sustainability goals” over profitability, as if that were somehow laughable.

Meanwhile, as other Swedish columnists rant about Northvolt’s plea for support via “taxpayers’ money,” China and the U.S. are pumping out massive subsidies for similar green initiatives, prompting some Swedish impact companies to take their operations elsewhere. Northvolt’s 600 million kronor (around $55 million USD or €51 million EUR) ​in support—a fund that any eligible company can apply for—is a drop in the ocean by comparison.

Of course, journalists need to critically examine and report on Northvolt’s challenges. But when facts morph into ideology, and the rhetoric turns malicious, it’s a step too far.

Focus instead on discussing real solutions that enable the green transition.

Or better yet: do something about it yourselves.