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STOCKHOLM — Swedish battery maker Northvolt has announced changes to its board of directors, including naming former SAP CEO Jim Hagemann Snabe as its new chairman, as part of the company’s plan to build a more independent board.
Current Chairman Carl-Erik Lagercrantz will become the vice chairman of Northvolt.
Apart from Snabe, who is also the chairman of German engineering group Siemens, Northvolt is adding Schneider Electric’s executive committee member Barbara Frei-Spreiter to the board and increasing its size to eight from seven.
The company, which has so far raised about $8 billion in equity and debt, is building one of Europe’s largest battery factory and has got over $55 billion in orders from companies including BMW, Fluence, Scania, Volkswagen Group, Volvo Cars and Polestar.