Northvolt Lenders Meet as Battery Maker Hangs by Thread
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A group of Northvolt AB lenders were set to convene on Friday to consider whether to extend a lifeline to the cash-strapped maker of electric vehicle batteries or cut their support and risk losing billions.
Ultimately, their choices are likely to prove pivotal for Northvolt, the Swedish firm that’s so far received about $10 billion in debt, equity and government grants in a bid to create an independent EV supply chain for Europe. While its financing commitments run higher, the company has been unable to draw down some elements, including a $1.5 billion loan tranche guaranteed by Sweden’s National Debt Office.