Peter Spuhler, a well-known figure in Swiss industry, has experienced significant financial setbacks as a result of his investment in the bankrupt battery startup Northvolt.

The 65-year-old billionaire, who has held leadership positions in major Swiss companies such as Stadler, Swiss Steel, Autoneum, and Rieter, ventured into the electromobility sector with hopes of capitalizing on emerging technologies.

However, his support for Northvolt has resulted in substantial losses, reflecting the challenges faced by investors in the electric vehicle battery market. This situation underscores the risks associated with investing in startups, even for experienced entrepreneurs.

While Spuhler's investments in traditional Swiss industries have established him as a key player in the national economy, his entry into the international startup scene has not yielded the expected returns, raising questions about the future of such ventures in the rapidly evolving electromobility landscape.