Sweden’s Northvolt files for bankruptcy in blow to Europe’s battery sector
Northvolt said it had faced “significant internal challenges in its ramp-up of production”.
Battery maker Northvolt has filed for bankruptcy in Sweden, dealing a blow to Europe’s battery manufacturing capabilities.
The firm said that it had made an “exhaustive effort…to secure a viable financial and operational future for the company”, but it had experienced a number of “compounding challenges”.
It cited rising capital costs, geopolitical instability, supply chain disruptions, and shifts in market demand.
“Further to this backdrop, the company has faced significant internal challenges in its ramp-up of production, both in ways that were expected by engagement in what is a highly complex industry, and others which were unforeseen,” Northvolt added in a press statement.
The battery firm previously sought Chapter 11 bankruptcy protection in the US last November as it found itself in a rocky financial position.
The move provided the firm with a temporary lift, although Northvolt was unable to turn its balance sheet around.
A court-appointed trustee will now sell off its assets in Sweden.
This is a developing story to be continued
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