
- 07 Jan 2025 10:00 AM
- 0
European Battery Giant Northvolt Implodes
On Nov. 21, European electric vehicle battery manufacturer Northvolt declared Chapter 11 bankruptcy in the US Bankruptcy Court. The Swedish-based company with 7,000 employees had expanded operations across Europe and North America but is nearly out of cash and would need another $1.2B to continue long-term operations, Reuters reported. The US bankruptcy grants it access to $145M in cash collateral and $100M of debtor-in-possession financing. Northvolt customers include Beta Technologies, Vertical Aerospace, Lilium and Supernal, FlightGlobal reported. Northvolt shut down its recently acquired California unit, Cuberg, in August, only six months after opening a new factory.
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