Carlsson Returns to the Battery Industry After Northvolt's Collapse

Almost a year after battery manufacturer Northvolt went bankrupt—a bankruptcy described as the largest in modern Swedish history—the company’s former CEO and founder Peter Carlsson is back in the battery industry. Alongside several former Northvolt profiles, he has entered a new company, Sonder Labs AB, focused on battery technology. His comeback follows a collapse that cost taxpayers and pension savers billions, while Carlsson himself left the company with several hundred million kronor in compensation.

Before the dust from Northvolt’s bankruptcy had settled, Peter Carlsson returned to the battery business via the company Sonder Labs AB. According to its registered business description, the company will develop, manufacture, and sell products in the battery industry and provide consulting services in electrical engineering.

Carlsson will serve as chairman of the board. The CEO is Andreas Haas, who also has a background at Northvolt. The company was originally registered as a so-called shelf company at the end of 2024 and has since been taken over by people connected to the battery manufacturer. The share capital invested by the owners is currently limited to the minimum possible amount of 25,000 kronor.

Anna Sofia Graflund, former chief legal officer at Northvolt and Carlsson’s wife, is also among the key figures behind the new venture. The specific type of battery products to be developed and the location of operations have not yet been made public. The headquarters, however, is in central Stockholm.

The Largest Bankruptcy in Modern Swedish History

When Northvolt filed for bankruptcy in March 2025, it left behind debts of about 90 billion kronor and thousands of unemployed people. Around 4,500–5,000 people were directly affected by the shutdown.

The bankruptcy has subsequently been described as the largest in modern Swedish industrial history. Long before the collapse, economists and industry observers had warned that the business model was based on exploiting green over-optimism, with large investments and predictions of future revenue rather than stable production and profitability. However, these criticisms had limited impact in a political and media climate where the battery factory was often portrayed as a key project in the green industrial transition.

Billions in Pension Money and Public Support

When the company fell, it turned out that large public and semi-public capital flows had been invested in the project. For example, the state-run AP funds had invested about six billion kronor of pension savers’ money in Northvolt. When the company went under, much of this money became worthless.

Taxpayers have also had to bear part of the cost afterwards. Just the state wage guarantees for former employees are estimated to amount to up to one billion kronor, financed through the state treasury. In addition, the EU and Swedish authorities have paid support to dismissed workers after the bankruptcy.

Left the Company with 200 Million

While the bankruptcy wiped out thousands of jobs and caused major financial losses, Peter Carlsson left the company with considerable compensation. In total, he is said to have taken out nearly 200 million kronor during his tenure as CEO and founder.

When asked by journalists about this after the bankruptcy announcement, he chose not to comment and instead called the question “incredibly stupid.”

Medal from the King

Carlsson has previously received praise for his work with the battery project. In 2022, he was awarded the Royal Swedish Academy of Engineering Sciences’ Gold Medal, personally presented by King Carl XVI Gustaf at Stockholm City Hall.

The motivation stated that he was recognized for “outstanding entrepreneurship” and for running a megaproject for the transition to fossil-free energy. The award was given before the company’s financial problems became widely known and several years before the bankruptcy. However, even at that time, there were already alarms that the project would collapse, and there were no successes to justify the award as is usually required.

Unclear How the New Venture Will Be Funded

How Sonder Labs AB will be financed has not yet been publicly disclosed. In previous battery projects involving Carlsson, funding came from a combination of venture capital, industrial partners, public loans, and pension funds. Whether the new venture will seek similar public support or attract capital from state funds remains to be seen.

Meanwhile, the aftermath of Northvolt’s bankruptcy continues—a project that for several years was highlighted as one of Sweden’s most important industrial projects but ended as the largest corporate collapse in modern Swedish history.