Transportation
Northvolt Owners Back Battery Output as Funding Search Continues
- EV supplier has been seeking investors post-Chapter 11 filing
- Swedish law requires shareholder assent after equity declines
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Northvolt AB shareholders approved the bankrupt electric vehicle supplier’s plan to keep building battery cells while it seeks new funding to restructure under Chapter 11 protection.
Shareholders “voted to affirm the continuation of Nortvholt’s business” at an extraordinary general meeting in Stockholm on Wednesday, the company said in a statement.