northvolt

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...

During a call with reporters, Scania and TRATON CEO, Christian Levin, pointed out that not all Scania vehicles are coming with Nortvolt cells, but the new regional haulage truck will have them. Levin also said he won't be leaving comments about Northvolt's financial situation.

Indeed, talks are ongoing with possible new investors. The target is to get about 300 million euros funding by the end of the month to have enough liquidity and meet the next goals outlined by the company's management in the last few weeks.

Northvolt points out that "Ett Expansion AB is one of over 20 different entities within the Northvolt Group and the application for bankruptcy does not relate to any of the other legal entities in the wider Northvolt Group".

Northvolt announced that about 1,600 jobs will be cut in Sweden alone, split across Skellefteå (1,000 positions), Västerås (400 positions) and Stockholm (200 positions). All redundancies are subject to ongoing union negotiations, as officially announced. "The decisions are necessary to adjust for cu...

“As difficult as this will be, focussing on what is our core business paves the way for us to build a strong long-term foundation for growth that contributes to the Western ambitions to establish a homegrown battery industry,” said CEO Peter Carlsson. Here's how the ongoing projects will be affected...