New book alleges ‘fraud, tax evasion and culture of deception’ at ‘green’ EU & Canadian EV Battery darling Northvolt

As early as 2022, Cerruti warned that Northvolt’s rapid global expansion, which included ambitious projects in the US, Canada, Poland and Portugal, was unsustainable, particularly when its flagship plant in Skellefteå was still plagued by delays and inefficiencies.

A new book by award-winning Swedish investigative journalist Gunnar Lindstedt alleges there was a culture of deception, financial mismanagement and regulatory failure at the heart of the bankrupt Swedish battery giant Northvolt.

Released yesterday, The Northvolt Case (Northvoltfallet) reveals that Sweden’s Economic Crime Authority (Ekobrottsmyndigheten) has quietly opened a formal investigation into the company for alleged tax evasion, accounting fraud and even potential fraud by deception (svindleri). These are allegations that, if proven, could implicate not just the company’s leadership but its auditors and board members as well.

Quebec declares Northvolt battery plant partnership dead, loses $270M investment