Workers locomotion astatine the tract of the Northvolt Ett mill successful Skelleftea, northbound Sweden connected February 23, 2022.
Jonathan Nackstrand | Afp | Getty Images
Swedish artillery shaper Northvolt filed for Chapter 11 bankruptcy extortion successful the U.S., delivering a hard stroke to Europe's electrification ambitions.
Once 1 of Europe's astir invaluable privately held tech firms, the institution connected Thursday said the voluntary bankruptcy determination volition let it to restructure its debt, standard backmost its concern and unafraid a sustainable instauration for its continued operation.
The steadfast noted it would proceed functioning arsenic mean during the restructuring process, which is expected to finalize successful the archetypal 4th of adjacent year.
A spouse of large European automakers, Northvolt produces lithium-ion batteries for the blooming electrical conveyance industry, which has precocious been rocked by intensifying competition.
"This decisive measurement volition let Northvolt to proceed its ngo to found a homegrown, European concern basal for artillery production," said Tom Johnstone, interim president of Northvolt's board.
"Despite near-term challenges, this enactment to fortify our superior operation volition let america to seizure the continued marketplace request for conveyance electrification," helium added.
The Stockholm-based concern has agelong been regarded arsenic Europe's champion anticipation of gathering a homegrown EV artillery champion. More recently, however, the institution has been struggling to enactment afloat portion navigating a major cost-cutting drive.
English (US)