On March 12, Northvolt AB announced its bankruptcy filing in Sweden, unable to secure necessary agreements to ensure its future. The bankruptcy includes several subsidiaries but excludes Northvolt Germany and Northvolt North America. The company faced escalating capital costs, geopolitical issues, and market demand shifts, leading to its current situation. Despite attempts at financial restructuring and lender support, Northvolt could not achieve the conditions required to survive. The Interim Chairman expressed the profound disappointment felt at a company aiming to drive eco-friendly battery innovations.
"the entities Northvolt AB, Northvolt Ett AB, Northvolt Labs AB, Northvolt Revolt AB and Northvolt Systems AB filed with the Swedish court. Northvolt Germany and Northvolt North America are not filing for bankruptcy in their respective jurisdictions."
"Like many companies in the battery sector, Northvolt has experienced a series of compounding challenges in recent months that eroded its financial position, including rising capital costs, geopolitical instability, subsequent supply chain disruptions, and shifts in market demand."
"This is an incredibly difficult day for everyone at Northvolt. We set out to build something groundbreaking - to drive real change in the battery, EV and wider European industry and accelerate the transition to a green and sustainable future."
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