EV battery maker founded by former Tesla execs files for Chapter 11

businessinsider.com11-22 18:37

EV battery maker Northvolt has entered Chapter 11 bankruptcy protection, it said on Thursday.The Swedish firm, founded by two ex-Tesla executives, has struggled amid stuttering demand for EVs....

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It had raised more than $15 billion since its foundation in 2016.Northvolt said it has secured extra funding of about $245 million, including $145 million in cash, and a $100 million commitment from a customer to provide a debtor-in-possession loan — a specialized credit line for firms going through bankruptcy.\"This decisive step will allow Northvolt to continue its mission to establish a homegrown, European industrial base for battery production,\" said Tom Johnstone, Northvolt's interim chair, in a statement.\"Despite near-term challenges, this action to strengthen our capital structure will allow us to capture the continued market demand for vehicle electrification.\"Northvolt will continue operating during the bankruptcy proceedings. CEO Peter Carlsson will also step down as part of the process.Founded in 2016 by Carlsson and Paolo Cerutti, Northvolt aimed to revolutionize battery manufacturing but has struggled in recent months.The firm's bankruptcy comes after difficulties in ramping up battery production at its facility in Skellefteå, Sweden, close to the Arctic Circle. In June, BMW pulled out of a $2.1 billion order for battery cells for its EVs, citing delays to deliveries.In September, Northvolt said it would lay off about 1,600 staff.Automakers in Europe are struggling with weak demand for EVs and rising competition from Chinese rivals. On Wednesday Ford said it would cut 4,000 jobs in Europe by the end of 2027. Volkswagen, Europe's largest car company, is considering the closure of factories in Germany for the first time and cutting tens of thousands of jobs. VW faces stuttering demand in Europe and has lost market share in China to local rivals selling cheaper EVs and hybrids.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485253676"}