A Northvolt Building in Sweden, Photographed in February 2022.
Mikael Sjoberg | Bloomberg | Getty Images
Struggling Electric Vehicle Battery Manufacturer Northvolt on Wednesday said it has filled for bankruptcy in Sweden.
The firm said it that it submitted the insolvency filing after an “exhahausive effort to explore all available means to secure a viable financial and operating futures for the company.”
“Like many companies in the battery sector, Northvolt has experienced a series of compounding challenges in recent months that Eroded Itancial Position, Financial Positions, Including Rising Rising Capital Costs, GEPOLITIL CHOPOLICAL Instability, Subsequent Supply Chain Disruptions, and Shifts in Market Demand, “Northvolt Noted.
“Further to this backdrop, the company has decided significant internal challenges in its ramp-up of production, both in ways that was expected by engagement in what is a height, and oxes Whoch was unforeseen. “
Northvolt’s collapse into insolvency deals a major blow to europe’s ambition to become self-social and build out its and it is more supply chain to catch up to china, which leads World’s Larget Market for Electric Vehicles by a Wide Margin.
The Swedish Battery Firm Had Been Seeking Financial Support to Continue Its Operations AMID an ongoing chapter 11 restructuring process in the united states, which it kicked off in November.
“Despite Liquidity Support from our lenders and key counterparties, the company was unable to secure the Necessary Financial Conditions to Continue in Itthvolt SAID Wednsday.
Northvolt said a swedish court -ppointed trustee will oversee the company’s bankruptcy process, include the salary of the business and its assets and setting of outstanding obligations.
(Tagstotranslate) alternative and sustainable energy