Comment from 4 to 1 Investments on Northvolt

“4 to 1 Investments has been a shareholder in Northvolt since 2021. In the transition to lower fossil dependency and a Europe that wants to secure local production from European suppliers, we have viewed European battery manufacturing and Northvolt as a long-term investment. In November, Northvolt initiated a reorganization under American legislation, known as Chapter 11, to restructure the company's capital structure while continuing its operations. The company has made significant progress in production and has strong support from strategic customers. It is therefore regrettable that the company has not been able to secure sufficient capital to create long-term stability, and the company's board has today been forced to file for bankruptcy in Sweden", says Jenny Askfelt Ruud, Chair of the Board at 4 to 1 Investments. 

“It has been a challenging time for the company, and we obviously wish that the development had been different. We continue to follow developments and have a dialogue with stakeholders. In the longer term, this is a loss for the Swedish economy and Skellefteå in particular, for Northvolt, and of course all employees. This is something we deeply regret,” says Jenny Askfelt Ruud, Chair of the Board at 4 to 1 Investments. 

4 to 1 Investments 

4 to 1 Investments, a company jointly owned by AP1, AP2, AP3 and AP4, has invested a total of SEK 5.8 billion in shares and convertible debt in Northvolt. This corresponds to just under 0.3 percent of the four AP Funds' total assets under management of more than SEK 2,000 billion at year-end 2024. The underlying investment in Northvolt was written down to zero at year-end, as it was very difficult to assess any potential remaining value.