{"id":35339,"date":"2025-03-13T09:59:37","date_gmt":"2025-03-13T08:59:37","guid":{"rendered":"https:\/\/www.sustainable-bus.com\/?p=35339"},"modified":"2025-03-13T09:59:40","modified_gmt":"2025-03-13T08:59:40","slug":"northvolt-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.sustainable-bus.com\/components\/northvolt-bankruptcy\/","title":{"rendered":"Northvolt has filed for bankruptcy in Sweden"},"content":{"rendered":"\n<p>On March 12,\u00a0the Board of Directors of <strong>Northvolt<\/strong> AB\u00a0announced that it has filed for bankruptcy in Sweden. <\/p>\n\n\n\n<p>Ultimately, with limited time and financial resources available, the company was unable to conclude the necessary agreements to secure its future. As pointed out by Northvolt,\u00a0<strong>\u201cthe entities Northvolt AB, Northvolt Ett AB, Northvolt Labs AB, Northvolt Revolt AB and Northvolt Systems AB filed with the Swedish court<\/strong>. Northvolt Germany and Northvolt North America are not filing for bankruptcy in their respective jurisdictions. As wholly owned subsidiaries of Northvolt AB, any decisions regarding these entities will be made by the court-appointed trustee of Northvolt AB in consultation with the Group\u2019s lenders at the appropriate time\u201d.<\/p>\n\n\n\n<p>in February, <a href=\"https:\/\/www.sustainable-bus.com\/components\/northvolt-scania-acquire-heavy-duty-battery-business\/\">Scania took over Northvolt\u2019s heavy-duty battery pack business<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Northvolt: it\u2019s bankruptcy in Sweden<\/h2>\n\n\n\n<p>\u201cLike many companies in the battery sector, Northvolt has experienced\u00a0<strong>a series of compounding challenges in recent months that eroded its financial position, including rising capital costs, geopolitical instability<\/strong>, subsequent supply chain disruptions, and shifts in market demand\u201d, stated the Swedish player in an official note published on the website. Despite pursuing all available options to negotiate and implement a financial restructuring, including\u00a0<a href=\"https:\/\/www.sustainabletruckvan.com\/northvolt-chapter-11-united-states\/\" target=\"_blank\" rel=\"noreferrer noopener\">a Chapter 11 restructuring process in the United States<\/a>, and despite liquidity support from our lenders and key counterparties, the company was unable to secure the necessary financial conditions to continue in its current form\u201d.\u00a0<\/p>\n\n\n\n<p>\u201cThis is an incredibly difficult day for everyone at Northvolt. We set out to build something groundbreaking \u2014 to drive real change in the battery, EV and wider European industry and accelerate the transition to a green and sustainable future\u201d, declared\u00a0<strong>Tom Johnstone<\/strong>, Interim Chairman of Northvolt\u2019s Board of Directors. \u201cThe outcome is especially hard considering not only the level of engagement and interest we held with potential partners and investors in recent months, but also the clear improvement and upwards trajectory that we have been seeing in Northvolt\u2019s production in Skellefte\u00e5, where cell output from serial production lines has doubled and we have secured a 50% improvement in production yield since September.\u201d<\/p>\n\n\n\n<p>\u201cWe ramped up production to meet customers\u2019 needs, reduced operational cash outflow by 55%, made tough decisions to pause or delay expansion plans, completed divestitures and ultimately delivered our first one million battery cells to a European customer. These battery cells are produced with 100% fossil-free energy and represent the most sustainable products of their type in the world. They are based on technology developed in Sweden and invented at Northvolt Labs, the most sophisticated battery R&amp;D facility outside of Asia\u201d, Johnstone added. \u201cFor me personally,<strong>&nbsp;it remains key for Europe to have a homegrown battery industry, but it is a marathon to build such an industry. It needs patience and long-term commitment from all stakeholders<\/strong>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On March 12,\u00a0the Board of Directors of Northvolt AB\u00a0announced that it has filed for bankruptcy in Sweden. Ultimately, with limited time and financial resources available, the company was unable to conclude the necessary agreements to secure its future. As pointed out by Northvolt,\u00a0\u201cthe entities Northvolt AB, Northvolt Ett AB, Northvolt Labs AB, Northvolt Revolt AB [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":35340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[341],"tags":[1364],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Northvolt has filed for bankruptcy in Sweden - Sustainable Bus<\/title>\n<meta name=\"description\" content=\"On March 12,\u00a0the Board of Directors of Northvolt AB\u00a0announced that it has filed for bankruptcy in Sweden...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sustainable-bus.com\/components\/northvolt-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Northvolt has filed for bankruptcy in Sweden - 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