Northvolt Hires Houlihan Lokey as It Seeks Funds for Turnaround
- EV battery maker drops Rothschild as financial adviser
- Bankrupt company looks for strategic, financial investors
A Lithium-ion prismatic cell battery at the Northvolt plant in Skelleftea, Sweden.
Photographer: Mikael Sjoberg/BloombergThis article is for subscribers only.
Embattled electric-vehicle battery maker Northvolt AB hired financial adviser Houlihan Lokey Inc. to help it raise funds to turn its business around, according to people with knowledge of the matter.
The Swedish company filed for bankruptcy protection in the US last week after months of stalled talks with owners, customers and creditors failed to yield any breakthroughs. Co-founder Peter Carlsson stepped down as chief executive officer a day later.