Northvolt files for Chapter 11 bankruptcy
By Bradley Osborne - 27th November 2024
Northvolt Ett in Skellefteå, Sweden
Sweden / USA – Northvolt AB, a manufacturer of battery cells for electric vehicles based in Stockholm, Sweden, has filed for protection under Chapter 11 of the United States Bankruptcy Code as a last effort to reorganise the company and save it from collapse.
The Swedish company announced that it voluntarily filed for Chapter 11 bankruptcy on 21 November at the U.S. Bankruptcy Court for the Southern District of Texas. By restructuring the business, Northvolt hopes to raise a total of USD245m in new financing, including USD145m in cash collateral and USD100m of debtor-in-possession finance from an existing customer. In the meantime, the company says it will continue to operate as usual.
