Northvolt

“Northvolt's been a very bad investment for us. What was the mistake there? I think we were too enamored with the idea of a business like Northvolt needing to exist for, you know, all the reasons of energy sovereignty in, in, in Europe. But what we got wrong wa…”

“We did make additional investments beyond our first investment, but there were times after that where we all asked for more capital and for reasons around the execution, but also for reasons around the structure of The financing rounds themselves that we belie…”

“Galp, who's a Portuguese energy company, was going to build a lithium refinery in Portugal, I believe, with Northvolt, which they just canceled.”

“It's essentially about fourteen billion dollars in total, including money, actual capital raised essentially people saying we will contribute this amount in the future to future raises and tax credits, which were a large part of that fourteen billion.”

“What they ended up trying to do was build, essentially build six gigafactories simultaneously, which is just an impossible task to handle. And I think that the, you know, that, that the concept of build, build, perfect, and then repeat was not applied. And the…”

“What seemed to, you know, make the slope of the downturn for the company accelerate a lot was BMW canceling this big two billion dollar order because of quality issues as far as I understand it.”

“There's essentially 18 stages that you're each with its own different types of equipment. And there's very few companies that make every one of those pieces of equipment. And especially there's very few Chinese, non-Chinese companies that, that have That, that…”

“And if their goal and focus and their investors had pushed them very hard to get that one factory to work right, do anything you can to get that one factory to work right, and then we'll figure out everything else later. I, you know, I think it could have work…”

“But that factory, I believe strongly, is going to be making batteries. Somebody else is going to own it, and they are going to be making batteries.”

“Northvolt started manufacturing cells on its plant around the end of twenty-twenty-two, I believe. So, kind of, we're coming up to two years now. And if the, you know, media reports are to be believed, they're still having a huge issue with yields. They can't …”

“We've actually seen a shift, in some cases, a shift of battery plants that were planned for Europe where they said, we're gonna stop developing this and instead turn to building a plant in the U.S., Fryer did that, Northvolt did that, and a couple others, and …”

“We've actually seen a shift, in some cases, a shift of battery plants that were planned for Europe where they said, we're gonna stop developing this and instead turn to building a plant in the U.S., Fryer did that, Northvolt did that, and a couple others have,…”

“There are a handful of new battery companies like Northvolt in Europe and that are appearing, but this is really the last chance for that, for a new, a brand new startup battery company to be able to compete with the majors.”