Northvolt Nears $300 Million Rescue Package to Ease Crunch
- Financial aid includes shareholders, lenders, customers
- Struggling battery maker buys time to line up long-term funds
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Northvolt AB is closing in on an about $300 million rescue package that includes debt and equity, according to people familiar with the matter, buying time for the cash-strapped Swedish battery maker to stabilize production and line up longer-term financing.
A combination of shareholders, lenders and customers are participating in the bridge funding, and the instruments vary among these groups, the people said, asking not to be named commenting on private negotiations. Discussions are in the final stages, though there remains some risk they can still fall apart, they said.