He was once a competitor to Preston B. Whitmore, but his company was shut down when the stock market crashed. Many years later, Hellstrom became completely insane. Believing himself to be the Norse god Odin, Hellstrom stole an ancient spear called the Gungnir, presumably an artifact of Atlantean origin. When Milo, Kida, Audrey Ramirez, Vincenzo Santorini, Gaetan Moliére, and Obby track Hellstrom down in the frigid Nordic Mountains, he presumes Kida to be his long lost daughter and kidnaps her. His intentions are to end the world in Ragnarok. He creates a lava beast and then an ice beast to destroy the world, but well-placed explosives used by Vinny distract the monsters long enough for Kida to retrieve the spear and vanquish the beasts. After his castle is destroyed, Hellstrom mourns over his defeat and is presumably sent to a mental hospital.
Erik's appearance is greatly based on Odin, the god of wisdom in the Norse mythology.
Before going insane, his appearance resembles Vincent Price.
Ironically, Erik Hellstrom's voice actor, W. Morgan Sheppard, also voiced the real Odin in Gargoyles.