Northvolt Shareholder ABB to Rule Out More Investment, Sources Say
The Northvolt Drei EV battery gigafactory construction site in Heide, Germany.
Photographer: Maria Feck/BloombergThis article is for subscribers only.
Swiss industrial group ABB Ltd. has no plans to provide further financing to troubled battery maker Northvolt AB, according to people familiar with the matter, who asked not to be identified discussing a private matter.
ABB is one of a number of minority shareholders in the Swedish group that is racing to secure a $300 million bailout to stay afloat. Talks for an emergency funding package, sewn together with contributions from shareholders, lenders and customers, are in the final stages, Bloomberg News reported last week.