Northvolt is currently facing a severe liquidity crisis, leading to the suspension of its expansion plans in northern Sweden and the filing for bankruptcy of its subsidiary.
According to a spokesperson from Northvolt, "We have been working for several weeks to find another solution. Unfortunately, this has not been successful, and therefore we have filed for bankruptcy for the subsidiary." This highlights the urgency and desperation the company is feeling.
Northvolt has received about $10 billion in debt and equity funding since its inception, yet it has encountered a significant cash shortage as production levels falter.
The suspension of the Northvolt Ett expansion and the strategic review being undertaken demonstrates the company's attempt to stabilize its operations in light of deepening financial troubles.
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