the questionWhat do the retained records establish about two founder-linked investment vehicles?
1Vargas Holding and dated corporate offices
analysisVargas appears with a 7.2% diluted position in the 2023 Northvolt table. The retained corporate directory lists Harald Mix as Vargas’s chair and director, Caroline Åkerman as a director, and Carl-Erik Lagercrantz as chief executive and alternate director. Lagercrantz also appears as Northvolt’s 2023 vice-chair. The two records describe a shareholder vehicle and professional roles at different dates, rather than proving that each officer personally owned the vehicle’s Northvolt position. 1 2
attributedThe retained corporate directory lists Olof Harald Mix as Vargas Holding’s chair and director, Caroline Margaretha Åkerman as a director, and Carl-Erik Lagercrantz as chief executive and alternate director. 1
- qualification
- An office at a shareholder is not itself proof of that person’s beneficial shareholding in the vehicle or Northvolt.
documentedAt year-end 2023, Northvolt’s shareholder table attributed 21.0% to Volkswagen Finance Luxembourg, 19.2% to Goldman Sachs Asset Management funds, 7.2% to Vargas Holding, 6.7% to Rocarma Consulting, 5.1% to ATP, 4.8% to Baillie Gifford funds, 3.5% to 4 to 1 Investments, 2.8% each to AMF and BMW España Finance, and 2.4% to IMAS Foundation. 2
- qualification
- The denominator includes all shares, warrants and options, but excludes convertible notes. These dated diluted positions are not present-day ownership percentages. Fund groupings are not single legal entities.
2Rocarma’s later record is a liquidation record
analysisRocarma Consulting is the vehicle named in the 2023 Northvolt shareholder table. Its later directory record states that liquidation ended on November 28, 2025, while still listing Gerd Jonsson as liquidator; it also records the December 2025 departure of Rolf Carlsson as director and CEO and Peter Carlsson as alternate director. These are specified corporate functions. The shared surname does not supply a documented family relationship, and neither a board role nor a liquidator appointment by itself establishes beneficial ownership. 3
attributedThe retained Rocarma Consulting record lists Gerd Ulla Marina Jonsson as liquidator while its status field states liquidation ended on 28 November 2025. It records Rolf Kurt Allan Carlsson leaving the director and CEO roles, and Peter Carlsson leaving the alternate-director role, on 12 December 2025. 3
- qualification
- This later corporate status does not reverse the separate 2023 Northvolt shareholder table. The shared surname is not used to infer a family relationship or beneficial ownership.
3A separately documented investment route
analysisBeyond the office records, the June 2023 financing assessment explicitly attributes a 6.91% Northvolt holding to Peter Carlsson through Rocarma Consulting. That is evidence for a dated investment route, with a different date and basis from the later diluted ownership table. It does not supply Rocarma’s complete ownership register or establish a relationship between people merely because they share a surname. 4
attributedThe June 2023 financing assessment describes Peter Carlsson as holding 6.91% of Northvolt through Rocarma Consulting. It also identifies Volkswagen’s holding through Volkswagen Finance Luxemburg. 4
- qualification
- This is the assessment’s dated attribution of an investment route. It does not establish Rocarma’s entire share register, a family relationship or current ownership after insolvency; the later annual report uses a different dated diluted table.
Sources (4)
- Corporate registry source · s-d24 identified by category only · Corporate registry
- Company statement source · s-d5 identified by category only · Company statement
- Corporate registry source · s-d43 identified by category only · Corporate registry
- Regulatory record concerning the identified transaction or participant Schleswig-Holstein Parliament