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Vargas Holding, founded by Harald Mix and Carl-Erik Lagercrantz, aimed to create companies that significantly reduce emissions. However, 2025 marked the bankruptcy of Northvolt, a major player in their portfolio, while simultaneously attracting hundreds of millions in funding for other ventures like Aira, Syre, Polarium, and Stegra.

Northvolt's failure resulted in a loss of 175 million SEK (approximately 16 million EUR) for Vargas. Stegra is at risk of insolvency despite raising 6.5 billion EUR in funding, with a hydrogen-based steel plant facing cost overruns.

Recently, Stegra secured 35 million EUR in public funding, contingent on raising additional capital. Meanwhile, Aira raised 150 million USD for heat pumps and Polarium acquired Stella Futura to revitalize its battery business. Syre partnered with Nike for recycled polyester, indicating that while the core mission remains, each venture is pursuing its own path.