Northvolt Files for Bankruptcy With Debt of $5.8 Billion
- Swedish battery maker to restructure under US Chapter 11
- Move marks blow to Europe’s bid to stand up an EV supply chain
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Northvolt AB filed for bankruptcy protection in the US after a desperate bid to secure rescue funding fell short, leaving the struggling battery maker with just one week’s cash in its accounts.
The Swedish electric vehicle supplier will seek to restructure under Chapter 11 of the bankruptcy code, it said in a statement on Thursday. Northvolt had about $30 million in available cash, it said in a filing, and $5.84 billion in debt.