Forward from: /CIG/ Telegram | Counter Intelligence Global
🇸🇪🇪🇺🔋 Northvolt CEO steps down after bankruptcy filing
The chief executive of Northvolt, Peter Carlsson, has quit just 24 hours after the Swedish battery maker filed for Chapter 11 bankruptcy protection in the United States, in a major blow to Europe’s electrification ambitions.
The bankruptcy filing follows months of financial strain on Northvolt, until recently the poster child of Europe’s efforts to build an EV battery industry.
Carlsson admitted the firm had only enough cash to sustain operations for one more week. He also said that while the Stockholm-based company secured a $100 million financing package to support it through the bankruptcy process, it would need between $1 billion and $1.2 billion to stabilize its finances.
Northvolt was once heralded as a cornerstone of Europe’s push to rival Tesla and Chinese EV manufacturers in the burgeoning battery industry. The company produced lithium-ion, sodium-ion, and lithium-metal battery cells and secured significant contracts with major automakers, including Volkswagen.
The battery maker’s fortunes began to falter amid a decline in global demand for EVs earlier this year. Northvolt scrambled to implement cost-cutting measures, attract fresh investments, and apply for government grants, but these efforts fell short.
🔗 https://www.mining.com/northvolt-ceo-steps-down-after-bankruptcy-filing/
The chief executive of Northvolt, Peter Carlsson, has quit just 24 hours after the Swedish battery maker filed for Chapter 11 bankruptcy protection in the United States, in a major blow to Europe’s electrification ambitions.
The bankruptcy filing follows months of financial strain on Northvolt, until recently the poster child of Europe’s efforts to build an EV battery industry.
Carlsson admitted the firm had only enough cash to sustain operations for one more week. He also said that while the Stockholm-based company secured a $100 million financing package to support it through the bankruptcy process, it would need between $1 billion and $1.2 billion to stabilize its finances.
Northvolt was once heralded as a cornerstone of Europe’s push to rival Tesla and Chinese EV manufacturers in the burgeoning battery industry. The company produced lithium-ion, sodium-ion, and lithium-metal battery cells and secured significant contracts with major automakers, including Volkswagen.
The battery maker’s fortunes began to falter amid a decline in global demand for EVs earlier this year. Northvolt scrambled to implement cost-cutting measures, attract fresh investments, and apply for government grants, but these efforts fell short.
🔗 https://www.mining.com/northvolt-ceo-steps-down-after-bankruptcy-filing/