Northvolt Founder Sold Stock Before Crisis, Dagens Industri Says

Northvolt AB founder Paolo Cerruti sold $6.8 million worth of shares in late 2023 without disclosing the battery maker’s true state, Sweden’s Dagens Industri reported, citing a claim by the buyer.

• The buyer, Dutch investment fund European Battery Fund, says it was misled by Cerruti about the actual state of the now bankrupt battery company, DI says, citing court documents
• In an emailed comment to Bloomberg News relayed by Northvolt, Cerruti says “I categorically deny the allegations made by EBF. I intend to defend myself vigorously if necessary and am confident that the facts will speak for themselves”
• The ...