Northvolt bankruptcy application
“A bankruptcy application in Sweden is the only solution,” Northvolt AB stressed in a statement. The company’s managers failed to obtain investors, and the available financial resources were exhausted.
As reported, the proceedings also apply to subsidiaries registered in Sweden: Northvolt Ett AB, Northvolt Labs AB, Northolt Revolt AB and Northvolt Systems AB. On the other hand, Northvolt branches in Poland, Germany and the USA do not submit bankruptcy motions in their jurisdictions.
“The management of a Polish company will monitor the situation on a regular basis and cooperated closely with both the Swedish trustee, as well as companies interested in the acquisition of its business and assets,” Anna Sobolewska, a representative of NorthVolt in Poland, told PAP.
In February, Northvolt announced the sale of a factory in Gdańsk. According to the media, the Scania truck manufacturer is interested in buying it.
“The greatest bankruptcy in the history of modern Sweden”
Swedish newspaper “Dagens Industri” possible bankruptcy of the concern, employing approx. 5,000 people at the Skelleftea factory, as well as in Vaesteras and Stockholmshe described as “the largest in the modern history of Sweden.” In 2024, Northvolt already said goodbye to 1.6 thousand. employees.
According to the media, the company’s main liabilities reached 58 billion of crowns (EUR 5.3 billion).
Battery order drop
Northvolt has been in crisis since 2024 as a result of, among others decrease in orders from car manufacturers who changed their plans for the production of electric vehicles. Earlier it was assumed that electrification would proceed faster. Another reason is the competition from China, as well as production problems.
In February, Swedish SVT television revealed that Northvolt, who promised that he would be the first in Europe to produce batteries for electric vehicles, actually use Chinese components.
From Stockholm Daniel Zyśk (PAP)
