"Northvolt said in its Chapter 11 petition filed in the United States Bankruptcy Court for the Southern District of Texas that its liquidity picture has become dire."
"This decisive step will allow Northvolt to continue its mission to establish a homegrown, European industrial base for battery production," said Tom Johnstone, interim Chairman.
"Northvolt, which has operations in California, has roughly $30 million in cash, which is enough to support it for only about a week."
"The restructuring process is expected to be completed in the first quarter of 2025. Northvolt Ett, the battery maker's flagship gigafactory in Sweden, will remain operational during the restructuring process."
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