This article examines the trajectory of Swedish battery producer Northvolt in order to critically assess strategic coupling processes within global production networks (GPNs) in light of large ‘green’ investments in Europe. Drawing upon a longitudinal case study of Northvolt's establishment, expansion, and bankruptcy between 2016 and March 2025, the paper explores the interplay between firm agency, industrial policy, and regional development aspirations. We show that, while regional actors in Skellefteå sought to leverage Northvolt's investment to support long-term upgrading, the coupling was largely structural, driven by firm-specific requirements and supranational policy incentives. The case highlights the limits of regional agency within asymmetric scalar configurations challenging overly optimistic interpretations of proactive regional development strategies. We draw upon the GPN literature and argue that strategic coupling and agency for development must be understood through multi-scalar power relations and institutional embeddedness within the global economy. Based on this case of a European battery firm, the article concludes by discussing broader regional challenges related to attracting and managing investments in geo-strategically important technologies.