In addition, it is revealed who was behind the idea for Northvolt - and it was not the company's CEO, Peter Carlsson.
The idea for the battery company was born at a dinner at Långholmen in Stockholm, writes Gunnar Lindstedt. Hotel owner Jeanette Mix and author Louise Boije af Gennäs asked their spouses, businessmen Harald Mix and Carl-Erik Lagercrantz, to do something for the environment - and not just think about business, according to Lindstedt's information.
The businessmen formed the company Vargas Holding in 2014, with a focus on green transition. Later, Lagercrantz called Peter Carlsson, who later became Northvolt's CEO.
Lagercrantz had an idea to investigate the battery market, says Gunnar Lindstedt.
After a successful meeting in Stockholm, where Carlsson brought his former Tesla colleague Paolo Cerruti, a collaboration began.
Carlsson was really good at talking and getting the message across, while Harald Mix was the financial genius. They brought in a record amount of money, says Lindstedt in an interview with TT.
Criminal investigation initiated?
Northvolt's battery production never got off the ground at the planned scale, and by 2025 it was bankrupt. In the book, Lindstedt criticizes the company's transparency and communication. He also claims that the Swedish Economic Crime Agency (EBM) has opened a preliminary investigation into Northvolt.
I have received the information 'off the record,' says Gunnar Lindstedt.
EBM tells TT that it can neither confirm nor deny the information about a criminal investigation and refers to confidentiality legislation.
No money
In August 2025, the American company Lyten announced that it had signed an agreement to acquire Northvolt's assets, but the deal dragged on.
It turned out that Lyten had no money, says Lindstedt.
Earlier this year, Lyten announced in a press release that the deal is "completed," and that the American data center company Edgeconnex, owned by venture capital firm EQT, is acquiring "space for a data center facility from Lyten."
Finally, EQT showed up and gave Lyten money so they could buy out the bankruptcy estate and then resell parts of the land to Edgeconnex, says Lindstedt.
Trojan Horse
In the book, he wonders if Lyten acted as a "Trojan horse" to pave the way for Edgeconnex. According to Lindstedt, an electricity agreement with Skellefteå Kraft, like the one Northvolt had, is worth its weight in gold. Many companies around the world are desperately searching for possible locations for the establishment of power-hungry data centers.
In the US, it's already at a standstill. The capacity is exhausted. And northern Sweden is extremely interesting because we have cheap energy and it's cold. The data centers need cooling.
According to the book, Google plans to rent from Edgeconnex in Skellefteå.
And then you wonder if there is any electricity left to make batteries? Doubtful, says Gunnar Lindstedt.
TT has contacted Lyten for comment.
