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Yahoo
13-08-2025
- Business
- Yahoo
Europe Battery Energy Storage System Market Forecast and Company Analysis Report 2025-2033 Featuring CATL, Fluence Energy, Tesla, BYD, LG Energy, Samsung, Wartsila, Northvolt, Saft Groupe, Panasonic
The Europe Battery Energy Storage System (BESS) Market is projected to soar from US$ 18.1 billion in 2024 to US$ 87.34 billion by 2033, marking a CAGR of 19.11%. This surge is driven by increased renewable energy adoption, supportive government policies, and technological advancements reducing battery costs. BESS optimizes energy efficiency by storing excess renewable power, thus enhancing grid stability and security. Nations like France, Germany, the UK, and Spain are aggressively expanding BESS to bolster grid resilience amid rising renewable inputs, facilitated by innovations in battery technologies. Key players include Tesla Inc., LG Energy Solution, and Northvolt AB. European Battery Energy Storage System Market Dublin, Aug. 13, 2025 (GLOBE NEWSWIRE) -- The "Europe Battery Energy Storage System Market Analysis 2025-2033" report has been added to Europe Battery Energy Storage System (BESS) Market is expected to reach US$ 87.34 billion by 2033 from US$ 18.1 billion in 2024, with a CAGR of 19.11% from 2025 to 2033 The market for battery energy storage systems (BESS) in Europe is expected to grow on the back of a list of elements including growth in the uptake of renewable energy, favorable government policies, upgrading of grid infrastructure, rising demand for electricity, falling battery costs, improved energy security, and higher utilization of smart grids and electric vehicles. BESS plays a vital role in backup power supply, frequency regulation, peak shaving, and grid support. By understanding the intermittent character of renewables, it improves energy efficiency and facilitates a shift to clean energy. They are produced in sizes from tiny residential systems to huge utility installations. Lithium-ion batteries are the most prevalent battery type owing to their potency, durability, and growing penetration of intermittent renewable energy sources, such as wind and solar, that need effective energy storage systems to mitigate intermittency is driving Europe's battery energy storage system (BESS) market. Incentivized and goal-driven, facilitating government policy and regulatory regimes promote the use of is also pushed upwards by the transition of electrical grids to modern days and rising grid flexibility requirement, such as peak shaving and frequency response. Market expansion is also aided by the transformation of electric vehicles, decentralization of electricity, and transition to cleaner, low-carbon power systems. Furthermore, BESS is becoming increasingly available and cost-effective in domestic, commercial, and utility markets thanks to technological advancements and declining battery Drivers for the Europe Battery Energy Storage System (BESS) Market Increasing renewable energy adoptionOne of the key drivers fueling the European battery energy storage system (BESS) market is the increased usage of renewable energy. Reliable storage of energy is necessary since countries across the continent rapidly expand their utilization of solar and wind power to meet climate goals and reduce carbon emissions. Because renewable energy sources have an intermittent nature by design - wind supply fluctuates and solar produces energy only during the day - it is important to have additional energy stored up for use during low-generating periods. This is enabled by BESS, which provides a constant and continuous power supply through storing excess power and feeding it back into the grid as needed. This integration enhances the resilience of the grid, stabilizes supply and demand, reduces the curtailment of renewable energy, and supports Europe's broader transition to a low-carbon energy in battery technologiesThe European battery energy storage systems (BESS) market is growing very fast driven by developments in battery technologies. Innovations in long-duration, solid-state, and lithium-ion storage are reducing costs while raising energy density, lifespan, safety, and efficiency. Owing to these developments, BESS is becoming economically viable for application in residential, commercial, and utility installations. Interestingly, Switzerland also greenlit an 800 MW/1,600 MWh redox-flow battery plant in Laufenburg in June 2025, which was a record for the technology globally. This milestone indicates Europe's dominance in deploying extensive, innovative storage systems that enhance grid resilience and stability. The advancement of new technologies makes BESS a cornerstone of Europe's clean energy transition by enabling grid flexibility, enhancing energy security, and allowing more integration of modernization initiativesGrid modernization efforts are a prominent driver driving the battery energy storage system (BESS) market in Europe. BESS becomes important for enhancing grid stability, flexibility, and efficiency as European countries upgrade their aging grid infrastructure to support a more decentralized and digital energy environment. Bidirectional energy flows from prosumers, electric vehicles, and scattered renewable sources need to be handled by new systems. Facilitating real-time energy balance, frequency regulation, and voltage management, BESS supports this transition. To reduce the burden on transmission networks, it also provides advanced grid services such as peak shaving and load shifting. Utilities can enhance reliability, reduce outages, and improve energy usage by integrating BESS into modern grids. This will turn energy systems smarter, more resilient, and better suited to Europe's clean energy in the Europe Battery Energy Storage System (BESS) Market High upfront costsThe market expansion for battery energy storage systems (BESS) in Europe is severely hampered by high upfront prices. Even with declining battery costs, a significant amount of money is still needed to buy, install, and integrate BESS, particularly at the utility level. In addition to the battery units, these expenses also cover inverters, control systems, safety gear, and infrastructural improvements. Institutional and private investors are also discouraged by lengthy payback periods and unclear profits in certain sectors. Although some expenses are somewhat offset by government incentives, wider adoption is constrained by uneven support across EU nations. In order to accelerate deployment and meet Europe's targets for grid modernization and renewable energy, finance hurdles must be integration complexitiesOne of the biggest obstacles facing the European battery energy storage system (BESS) sector is the complexity of grid integration. Many of the power networks in use today were not built to handle variable input from renewable sources or large-scale energy storage. To guarantee smooth operation, integrating BESS calls for complex control systems, cutting-edge communication networks, and real-time data management. For legacy infrastructure to manage bidirectional energy flows and preserve grid stability, expensive improvements are frequently required. Complexity is further increased by collaboration amongst various stakeholders, including utilities, regulators, and consumers. These operational and technical difficulties have the potential to raise expenses, postpone projects, and restrict BESS's ability to fully support Europe's clean energy transition. Recent Developments in the Europe Battery Energy Storage System (BESS) Market In May 2025, Northvolt announced plans to reduce battery production in Sweden, highlighting the difficulty in competing with Asian suppliers. In support of multi-gigawatt deployment, BW ESS and Nordea Bank closed the largest storage finance package in the Nordic region in April 2025. In March 2025, LG Energy Solution used its Wroclaw facility to negotiate a USD 384 million supply agreement with PGE for Poland's 900 MWh BESS. Key Players Analysis (Company Overview, Key Persons, Recent Development & Strategies, SWOT Analysis, Sales Analysis) Fluence Energy Inc. Tesla Inc. BYD Co. Ltd. LG Energy Solution Ltd. Samsung SDI Co. Ltd. Wartsila Oyj Abp Northvolt AB Saft Groupe SAS (TotalEnergies) Panasonic Holdings Corp. Contemporary Amperex Technology Co. Ltd. Key Attributes: Report Attribute Details No. of Pages 200 Forecast Period 2024 - 2033 Estimated Market Value (USD) in 2024 $18.1 Billion Forecasted Market Value (USD) by 2033 $87.34 Billion Compound Annual Growth Rate 19.1% Regions Covered Europe Key Topics Covered: 1. Introduction2. Research & Methodology2.1 Data Source2.2 Research Approach2.3 Forecast Projection Methodology3. Executive Summary4. Market Dynamics4.1 Growth Drivers4.2 Challenges5. Europe Battery Energy Storage System Market5.1 Historical Market Trends5.2 Market Forecast6. Market Share Analysis6.1 By Battery Type6.2 By Application6.3 By Power Rating6.4 By Countries7. Battery Type7.1 Lithium-ion7.2 Lead-acid7.3 Flow Battery7.4 Sodium-ion7.5 Others8. Application8.1 Grid Stabilization8.2 Renewable Integration8.3 Peak Shaving8.4 Backup Power9. Power Rating9.1 1MW to 10 MW9.2 Up to 100 Kw9.3 101 KW to 1MW9.4 Above 10 MW10. Countries10.1 France10.2 Germany10.3 Italy10.4 Spain10.5 United Kingdom10.6 Belgium10.7 Netherlands10.8 Russia10.9 Poland10.10 Greece10.11 Norway10.12 Romania10.13 Portugal10.14 Rest of Europe11. Value Chain Analysis12. Porter's Five Forces Analysis12.1 Bargaining Power of Buyers12.2 Bargaining Power of Suppliers12.3 Degree of Competition12.4 Threat of New Entrants12.5 Threat of Substitutes13. SWOT Analysis13.1 Strength13.2 Weakness13.3 Opportunity13.4 Threats14. Pricing Benchmark Analysis14.1 Fluence Energy Inc.14.2 Tesla Inc.14.3 BYD Co. Ltd.14.4 LG Energy Solution Ltd.14.5 Samsung SDI Co. Ltd.14.6 Wartsila Oyj Abp14.7 Northvolt AB14.8 Saft Groupe SAS (TotalEnergies)14.9 Panasonic Holdings Corp.14.10 Contemporary Amperex Technology Co. Ltd.15. Key Players Analysis For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment European Battery Energy Storage System Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
Bloomberg
07-08-2025
- Business
- Bloomberg
US Battery Startup Lyten Buys What's Left of Northvolt in Europe
Lyten Inc., a California startup that develops lithium-sulfur batteries, has agreed to acquire all of the remaining European assets of bankrupt manufacturer Northvolt AB. The deal includes Northvolt's flagship factory and a research and development facility, both in Sweden, and the site of a future factory in Germany, according to a statement. The startup said it's committed to working with the Swedish and German governments to expand facilities at those locations.
Bloomberg
04-06-2025
- Business
- Bloomberg
The Missing Engineers
Green | The Big Take The world's need for power is outstripping the workforce that can build it. Aging populations and anti-immigration rhetoric aren't helping. By , Olivia Rudgard and Josh Saul Swedish battery startup Northvolt AB's bankruptcy filing was preceded by a number of debilitating events: failing to fulfill its contracts with customers; pleas to investors for more cash; ghosting its creditors. But its downfall began with a problem many companies are facing today. There was a severe, years-long struggle to find enough workers with the right skills. Peter Breuer, who oversaw new factory planning at Northvolt until 2023, says that the startup's ambitions grew faster than its workforce. 'That contributed to its failure,' says Breuer, who is now chief of staff at Peak Energy, another battery startup. Northvolt wanted to be Europe's first homegrown lithium-ion battery giant, raising more than $13 billion. And for a while, it seemed like it might succeed. As recently as late 2023, the company was planning to go public with a market valuation of more than $20 billion. The fall came less than a year later. Northvolt failed to make enough batteries, which led to BMW canceling a contract worth €2 billion ($2.3 billion). When investors didn't step in, the company filed for bankruptcy in the US in November 2024 and in Sweden in March of this year. Many of these facilities needed staff with sophisticated knowhow to use complex, high-risk production lines typically bought from China and South Korea. Europe's aging workforce couldn't provide them, and bringing in enough experienced workers from battery giants in Asia proved to be a challenge the company couldn't overcome. 'The Northvolt fiasco is a classic example of a great idea in concept, but it falls over on the availability of labor,' said Bas Sudmeijer, managing director at Boston Consulting Group and part of its climate and sustainability practice. Northvolt declined to comment. A shortage of skilled workers, especially engineers, is a growing problem in developed countries. How do you get more labor? 'You either birth them or you import them,' says Zeke Hernandez, professor at the Wharton School of the University of Pennsylvania. 'But in an environment of declining birth rates, increasing retirements and now a restrictive immigration regime, shortages become quite severe.' The US is already unable to fill about a third of its more than 400,000 new engineer roles created each year. The UK will see 20% of its engineers retire by 2030 — leaving a shortfall of 1 million jobs. Japan will see a deficit of 700,000 in that period. These can have big impacts on the economy. In Britain, the shortage of engineers could wipe 5% from its gross domestic product, according to the think tank Stonehaven. In the US, the lack of skilled workers will hold back President Donald Trump's attempts to increase manufacturing, even if the tariff regime stabilizes and businesses get ready to invest. Trump's attacks on US universities' international students, who tend to study engineering in a greater proportion than domestic students, will likely further sap the supply of skilled workers. When it doesn't bankrupt a company or halt a project, skilled worker shortages lead to higher costs and longer timelines to build much-needed infrastructure, such as electricity grids. This is a problem for the US and Europe, which are seeing a surge in demand for power thanks to electric cars, heat pumps and massive data centers. The US utility Xcel Energy Inc. estimates its labor costs have risen 50% in the past five years, outpacing inflation. There's also a growing urgency to electrify because it's a major strategy in fighting climate change. The world recorded its hottest year in 2024 and, on the current trajectory, it's only years away from blowing past the climate targets set under the Paris Agreement. The quickest way to get back on track is to electrify as much of the global energy system as possible while simultaneously decarbonizing electricity. The severe shortage of skilled workers is slowing progress towards electrifying everything. Some data center builders in the US are delaying new work, while others are having to plan projects two years in advance instead of six months. Utilities in the UK are struggling to keep up with customer demand for solar panels and EV chargers, while German heat pump customers are having to wait twice as long as French ones. The problem is expected to get worse. 'The demand for future engineers far outstrips the supply,' says Steve Lefton, executive chairman of engineering firm Kimley-Horn, which designs electrical infrastructure. 'The workforce shortage has the potential to be an existential threat to our industry.' Electrification is a more recent vocation than one might think. It was tinkerers, hobbyists and inventors who built the first electric grid in the late 19th century. There was little formal training and people mostly learned on the job. Among those first grids was the one that Thomas Edison built in New York City in 1882 with the help of people receiving workmen's wages whom he called ' muckers.' The grid powered light bulbs fueled by a coal-fired generator. During the 1950s and 1960s, the US and Europe saw rapid growth in industrialization and the size of the population, which also meant rising demand for electricity and a skilled workforce. It's the kind of trajectory that countries like India and China are experiencing in the 21st century. India doesn't have a shortage of engineers, but its troubles are more to do with the quality of education. Technology and regulations for the sector are changing very fast. 'We don't put them on the job on day one,' says Jai Prakash Shivahare, managing director of Gujarat Urja Vikas Nigam Ltd., a state-run utility. 'They undertake training for 45 days in the office and on the ground.' In China, grid operators are in the enviable position of choosing among a growing horde of young engineers. Many of those who lost jobs in the tech industry in the past few years are suddenly keen for secure employment at state-owned utilities, known as 'iron rice bowls.' Even if the jobs aren't flashy or high-paying, they're secure and offer strong benefits. Manufacturing Jobs are on the Rise in India and China Share of people employed in mining and quarrying, manufacturing, construction and public utilities State Grid Corp. of China, which distributes power across more than 80% of the country, received about 406,000 applications during its 2024 recruitment efforts that ultimately ended with about 26,000 hires, according to financial news provider China's utilities are also benefiting from a decades-long push in science education. The number of engineers in the nation more than tripled from 2000 to 2020 to 17.7 million, according to the State Council, and many are young. Engineers under the age of 30 account for 44% of the total pool, compared with 20% in the US, according to data compiled by Kaiyuan Securities. While Asia was booming, electricity demand in the US and Europe remained largely flat or even declined alongside deindustrialization over the past three decades. That saw the industry shed jobs, as people moved to services roles instead. That's starting to change as more and more economies — including rich ones — are getting electrified, creating a boom for those industries. But they can only be realized if they can find the workers. The skilled workforce needed for electrification is wide ranging. Today it's not just power-systems engineers and battery scientists with advanced degrees; it's also concrete pourers and electricians. These workers are key to not just manufacturing, but also to building housing and other kinds of desperately needed infrastructure. The shortage is more severe for engineering roles, which typically need years of study to understand advanced physics, industrial design and complex systems. But ramping up the domestic supply for most types of skilled roles is proving difficult. Attempts across Western economies to try to boost birth rates have shown little success. 'Given the demographic reality, immigration is the most viable solution to the shortage of workers, both in the short term and in the long run,' says Hernandez of Wharton School of Business. That has been one route that electrification industries have taken. Data shows that immigrants make up big portions of green jobs, from 8% of renewable energy workers in Spain to 26% in Australia, according to a report from the Migration Policy Institute (MPI). But the politics around immigration in rich countries has become toxic. 'Companies aren't talking about immigration policy now,' says Julia Gelatt, associate director at MPI. 'They are running away from the topic.' This problem shows up in a more acute way in the UK, which has rapidly shed its industrial past and where many people voted to exit the European Union primarily to slow down legal migration. Today, less than 10% of Britain's economic output comes from manufacturing. But the net zero emissions economy grew at three times the rate of the country's economy. That's why Prime Minister Keir Starmer now sees expanding green jobs as a central part of desperately needed faster economic growth, and that means developing a large portion of the supply chain on the British Isles. Spending Rises Across Regions for Electrification Industries Energy infrastructure investments, in billions of real 2023 dollars Indian conglomerate Tata Group, under a newly formed company called Agratas, is building an electric-vehicle battery plant in Somerset in southwest England. The batteries will power Tata-owned Jaguar and Land Rover cars and it will mean more than 4,000 new jobs. A second plant is being built by the Nissan Motor Co.-backed joint venture AESC in Sunderland in northeast England. Both facilities are expected to begin production in the early 2030s. Colin Herron, professor of practice at Newcastle University who is developing training for battery workers to staff these factories, says it's not at all clear where the employees will come from. 'Somerset is full of farmers,' says Herron. 'They haven't a clue what the automotive industry is like.' But with anti-immigration campaigns winning in elections, companies are being forced to get creative. One idea is to poach workers from other industries. Jonty Deeley-Williamson, head of learning at the UK Battery Industrialisation Centre (UKBIC), used to make croissants for a living. The battery-making process isn't all that different, he says. 'The machinery [to make pastry] is very similar.' UKBIC provides space for universities and companies to test their battery innovation. It's also a training ground to help workers new to the battery industry. Its staff of about 150 includes many who have switched over from food and drug manufacturing. They are familiar with the machinery and used to working on a factory floor. It's a learning curve, but less steep than you might think, says Deeley-Williamson. 'Instead of using flour or pharmaceuticals, you are now looking at handling a slightly more hazardous substance.' But the need for staff is so great that it has led to a rapid increase in training academies — many funded directly by companies — that are readying a new generation of workers for electricity-related jobs. A shortage of skilled people is the main thing holding up UK utility Octopus's ambitions to dominate the country's growing markets for solar panels, heat pumps and EV chargers, says John Szymik, chief executive officer of Octopus Energy Services. The company has long waiting lists of customers wanting low-carbon tech. Octopus needs 4,000 installers by 2030. It's hard to recruit engineers from abroad, so the company must train them itself. So far, only 36 have started the two-year course that will teach them to install those low-carbon devices at homes and businesses. It's not the only company seeking more skilled workers. The British government has launched a series of taxpayer-funded programs with the goal of training 18,000 installers as soon as the middle of next year. 'It's not that we don't have the technology or the hardware or solutions,' he says. 'It's just how quickly we can physically get people bought into the business [and] trained up.' In a small classroom wedged inside a cavernous warehouse in northern England's Rotherham, 11 Octopus apprentices each examine a radiator. The white, suitcase-sized, rectangular object is made of steel, and the piping inside it will transport hot water from an electrically powered heat pump, which will bring a room to a comfortable temperature without a fuel-burning furnace. The apprentices are learning how to hang one on the wall. Octopus Energy apprentices listen to a briefing at the company's training facility in Rotherham. The UK has more than 140,000 skilled workers qualified to install and maintain gas boilers and stoves, but fewer than 10,000 active heat pump installers. Photographer: Lorna MacKay/Bloomberg Apprentices hang radiators during a training exercise. Many gas installers will retire before they make the switch to heat pumps — half of those currently working are over the age of 55 — meaning new people need to be trained. Photographer: Lorna MacKay/Bloomberg Each apprentice has been given an array of shiny copper fixings, a toolbox and their own practice area the size of a restaurant booth. They learned the theory in a PowerPoint presentation in the morning, and now it's time to put it into practice. This group is in their fourth month of training; along with classroom time, they also will get on-the-job experience. 'It's not that we don't have the technology or the hardware or just how quickly we can physically get people bought into the business [and] trained up.' One of the apprentices, Ed Connor, 46, spent 26 years in the British Army, retiring as a sergeant managing training for weapons handling and battlefield skills. Connor's neighbor, an Octopus employee, told him that the company was recruiting for its low-carbon apprenticeship. The students range from teenagers to career-changers like Connor. Being part of a national effort to install heat pumps has offered Connor a new purpose. 'A lot of ex-servicemen do struggle to adjust,' says Connor. 'I've kind of embraced this Octopus identity,' he says, pointing to the bright pink Octopus logo on his shirt. Student Gracie Reed, 20, one of two women in the group, comes from a family well-versed in the practical trades – her grandfather spent his career working with gas boilers. Now she's pursuing the modern version of that same path. 'Hopefully, I can follow in his footsteps.' Photographer: Lorna MacKay/Bloomberg 'I'm passionate about the environment,' says Paul Phillips, 34, a former prison physical education instructor. He previously began training to install gas appliances but switched to the Octopus course after reading about it online. 'When you're installing the heat pump, you know you're doing a good cause, and it's really nice because at the end of it, you can see they're really grateful for what you've done.' Photographer: Lorna MacKay/Bloomberg Some companies are targeting the young. French power-distribution company Enedis has launched technology classes in 120 high schools and 40 universities. Those who are chosen for its training programs are offered 18-week internships. Daikin Industries Ltd, a gigantic heat-pump maker based in Japan, has doubled the number of training centers it operates across Europe in the last three years. Engineers Are in Short Supply in the US Alison Tripp, who leads recruiting at DPR Construction Inc., worries about the shortage of construction workers needed to build data centers. To build up the company's applicant pipeline, she sends recruiters to schools around the US so they can talk up the benefits of being a foreman, concrete worker or — especially right now — an electrician. 'The field positions are really hard,' she says. 'There's a labor shortage across the country. Everybody's talking about it. It keeps me up at night.' DPR Construction builds crucial infrastructure to support the AI boom and employs 11,000 across the world. But often the new power plants and massive data centers it's building are in remote locations, and the local workforces aren't sufficient. In those instances, DPR, like an increasing number of companies, will dispatch 'travelers,' workers who rent nearby hotel rooms or drive their own recreational vehicles (RVs) to live in near the worksite. Many utilities that build power lines for data centers also are having to pay more for skilled workers and then recoup those costs from ratepayers. Dominion Energy Inc., the utility that powers Virginia's Data Center Alley, asked regulators for permission to increase residential bills by about $10 per month over the next two years in part because of the high cost of labor. Clients want projects started and completed quickly but sometimes there just aren't enough workers available, says Joe Sczurko, the US region president at global engineering firm WSP, which designs solar, wind and gas power plants. In those cases, WSP has to work out a more realistic — and longer — deadline with the client. 'In an environment of declining birth rates, increasing retirements and now a restrictive immigration regime, shortages become quite severe.' Another solution is to employ refugees, some of whom have the right technical skills but may lack in language skills or have precarious housing situations. German utility SE, which has found it hard to recruit software engineers, says it attracts refugees for these roles by offering free language courses and legal support to secure stable accommodation. Smaller things also can make a difference. Perception can hold back candidates. Some people in the UK see engineering as dirty, a job where grease-laden mechanics toil in garages or on chaotic factory floors. Office jobs and university education have been prioritized over apprenticeships and trades, according to UKBIC's Deeley-Williamson. 'There does seem to be this bias against manual labor jobs,' he says. His pitch to recruits is that battery clean rooms are tidier than the most sensitive areas of hospitals. 'They're sometimes cleaner than operating theatres.' GE Vernova Inc. received very few female applicants for heavy duty plant engineering jobs at its electrical-equipment factory in Stafford, UK. Aiming to increase the applicant pool, the company started deleting the word 'heavy' in its marketing materials and added photos of women doing the job. As a result, a larger proportion of women started applying for hundreds of new jobs at the Stafford factory to produce transformers, a device necessary for the functioning of the grid. Highlighting the do-gooder factor of clean energy can also help. Samantha Betts, 37, used to work as a hairdresser in London. But a few years ago she began taking software classes, eventually receiving a job offer from the green British utility Ovo Energy Ltd. 'It aligns with my beliefs and things that I'm passionate about,' says Betts. She joined the startup two years ago, and now works on Ovo's app for customers. Her hairdressing skills were surprisingly transferable. 'You think of a software engineer, you think of the guy in the basement, tapping away,' says Betts. But she's hoping that being used to chatting with people and making them at ease sets her on a path to becoming a manager. 'I feel like I still use the same skills every day.' These domestic attempts are small but necessary. Because even if political opposition to immigration policies could be overcome, it's not easy to recruit people from abroad given electrification industries are on the upswing everywhere. Steve Doyle, chief executive officer of EVera Recruitment, specializes in UK-based electric car and battery companies. One of his tasks was to hire battery cell designers, mostly from Japan, South Korea and China, to bring to Britishvolt, the UK's answer to Northvolt. His team found 500 people in the world who could fill the jobs. They managed to hire a 'grand total of zero,' he says. Britishvolt filed for bankruptcy in 2023. Assists: Julia Janicki, Eva Brendel, Lou Del Bello, Francois de Beaupuy and Dan Murtaugh Editors: Emily Biuso, Aaron Rutkoff and Tim Quinson Design & Photo Editors: Somnath Bhatt and Jody Megson More On Bloomberg
Bloomberg
02-05-2025
- Business
- Bloomberg
Klarna Founder's VC Firm Sees Trump Energizing Europe on Climate
With the US stepping away from the fight against climate change and Europe still overly reliant on imported fossil fuels, the region needs to double down on investing in climate-friendly startups, said Agate Freimane, a general partner at venture capital firm Norrsken VC. That's the plan for the Stockholm-based fund, which was launched in 2017 by Klarna co-founder Niklas Adalberth. After years of funding young companies involved in energy efficiency and sustainability, including the now-bankrupt battery maker Northvolt AB, Norssken became Europe's largest early-stage impact investor last year upon closing its second fund at €320 million ($364 million).
Yahoo
31-03-2025
- Business
- Yahoo
Northvolt Cuts Workforce to 1,700 as Part of Bankruptcy Process
(Bloomberg) -- Bankrupt battery maker Northvolt AB will continue to operate in Sweden with a staff of 1,700 while its remaining employees will be laid off. Gold-Rush Fever Returns to Historic New Zealand Mining Town What Frank Lloyd Wright Learned From the Desert Bank Regulators Fight for Desks as OCC Returns to New York Tower These US Bridges Face High Risk of Catastrophic Ship Strikes Charter Schools, Colleges Push Muni Debt Distress Near Record 'Despite significant reductions, it is positive that the business can continue to some extent, which is likely crucial to enabling a full or partial sale of the business,' Northvolt's bankruptcy trustee, Mikael Kubu, said in an emailed statement. The company had a total staff of about 7,000 prior to running out of money last year following a series of operational blunders that forced it to file for bankruptcy protection in the US. That legal process provided Northvolt with a temporary, and ultimately unsuccessful, lifeline while it sought to get its precarious finances on a stable footing. The end of the road came earlier this month when the group saw its business and assets put up for sale by a court-appointed trustee in Sweden. Northvolt, once seen as Europe's answer to a homegrown battery champion, amassed about $10 billion in debt and equity since being founded in 2016. Multiple financing rounds across a range of instruments have created a long line of lending banks and shareholders facing the prospect of sizable losses. The bankruptcy estates have now reached 'a principal agreement with the relevant stakeholders regarding financial guarantees to conduct the continued operations,' Kubu said, adding that the accord will be formalized in the coming days. Trump's IRS Cuts Are Tempting Taxpayers to Cheat Google Is Searching for an Answer to ChatGPT Israel Aims to Be the World's Arms Dealer Business Schools Are Back How a US Maker of Rat-Proof Trash Bins Got Boxed in by Trump's Tariffs ©2025 Bloomberg L.P.
