northvolt

"Like many companies in the battery sector, Northvolt has experienced a series of compounding challenges in recent months that eroded its financial position, including rising capital costs, geopolitical instability, subsequent supply chain disruptions, and shifts in market demand", stated the Swedi...

On February 18th, Northvolt actually released an official statement in which the battery maker did not mention Scania as the counterpart of the agreement. Later on, the deal has been confirmed by the Swedish truckmaker to Reuters. It marks another step in Northvolt’s restructuring efforts as it seek...

Reuters writes that Scania is particularly active in supporting the company in its day-to-day life by putting people in the factory, trying "to boost quality and output at the struggling electric vehicle battery maker as it scrambles to secure funds". We're talking about the Northvolt Ett in Skellef...

The manager joins Northvolt Ett "at a critical time as we continue to ramp up operations at Europe's largest battery gigafactory. Together, we are driving forward our mission to enable the future of sustainable energy with world-class battery solutions", stated the Swedish company.

Now, it is mandatory for the Swedish company, the best shot in EV battery manufacturing in Europe so far, to restructure its business. According to Reuters, Northvolt counted about 6,600 employees when the so-called Chapter 11 was filed, last November.

Northvolt "will continue to operate as usual during the reorganization", making deliveries and fulfiling obligations to customers. The Swedish company also states that "the Chapter 11 restructuring process in the U.S. is distinct from a bankruptcy or administration proceeding in Sweden or many other...