Northvolt is looking for 300 million euros short terms funds by end of the month

Swedish EV battery manufacturer Northvolt is likely to receive short term funds in the next few weeks. According to some media reports quoting insiders from the company (covered by our sister media Sustainable Truck & Van), the above mentioned capital might be enough to pay salaries, although more significant money injection is expected to bring Northvolt out of trouble.

As we reported in late September, Northvolt has been forced to restructure its business due to the current challenging environment when it comes to electric mobility in Europe (for instance, sales share of zero-emission heavy trucks (above 12 ton) increased from 0.7% in the first half of 2023 to 1.2% in the first half of 2024). Now, Northvolt announced that about 1,600 jobs will be cut in Sweden alone, split across Skellefteå (1,000 positions), Västerås (400 positions) and Stockholm (200 positions). All redundancies are subject to ongoing union negotiations, as officially announced.

Northvolt: talks are ongoing with possible new investors

Indeed, talks are ongoing with possible new investors. The target is to get about 300 million euros funding by the end of the month to have enough liquidity and meet the next goals outlined by the company’s management in the last few weeks.

Not long ago, Northvolt was forced to fire about 1,600 people in Sweden and, at the same time, declare bankruptcy for the company Northvolt Ett Expansion, belonging to the group. Last summer, Northvolt made the liquidity issues official by means of company statements. The whole European EV industry looks at the Swedish company as the most concrete hope for an all-European value chain in the field of batteries for electric vehicles.