Northvolt's filing for Chapter 11 bankruptcy protection demonstrates the urgency of its financial struggles, having debts of $5.8 billion and only a week of operating cash left.
The situation has shifted dramatically for Northvolt, which was once seen as a key player in reducing European automakers' reliance on Chinese battery manufacturers to currently fighting to survive.
Despite filing for bankruptcy, Northvolt aims to continue operations normally while exploring new financing opportunities totaling $245 million to resolve its financial difficulties.
Support from major stakeholders, including a loan from its largest customer Scania, reflects a commitment to Northvolt's mission to develop a European battery production base.
Collection
[
|
...
]