The latest blow to ailing battery maker Northvolt was dealt on 30 January 2025, when Co-Founder and North American Chief Executive Paolo Cerruti stepped down. This comes two months after Peter Carlsson’s formal resignation and the company’s announcement that it was filing for Chapter 11 in the US. Karen Chang will take on the role of Interim Chief Executive for the region until a permanent replacement is found.
Northvolt’s decision to offload its stake in Hydrovolt in January presaged a bleak future for electric vehicle (EV) battery manufacturing in Europe. Later that same month, it also sold its share in the Swedish joint venture Novo Energy to partner Volvo Cars. However, the company stated back in November that operations in North America—where it’s establishing the Northvolt Six gigafactory in Montreal, Quebec—would continue outside of bankruptcy proceedings.
