How Europe’s Battery Hope Has Become a Symbol of the EV Bust
- Northvolt is contending with crippling liquidity crisis
- Production problems, Chinese competition have hurt Northvolt
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Northvolt AB was supposed to power Europe’s response to the likes of Tesla Inc. and China’s fast-growing electric vehicle makers. Instead, the Swedish battery company is fighting to stay afloat.
As it faces a crushing liquidity crunch, the company’s creditors will meet Friday to decide on freeing up funds critical to its survival. On Thursday, Harald Mix, Northvolt’s founder and owner of a 7.2% stake, said he plans to provide new capital to the company, pointing to the “important role” it plays in European competitiveness.