E-cars: Battery manufacturer Northvolt insolvent in Sweden, German plant remains
The manufacturer of car traction batteries Northvolt has filed for insolvency in Sweden. The German and American subsidiaries are not affected.
(Image: Northvolt)
The battery manufacturer Northvolt has filed for insolvency in its home country of Sweden. A corresponding application has been filed in Stockholm, the company announced. However, the Group's German and US subsidiaries did not file for insolvency.
Heide plant not affected
At the beginning of January, a majority of the shareholders had allowed the company to continue operations in Sweden. According to Swedish media reports, Northvolt has debts amounting to 60 billion kroner (around 5.2 billion euros). In September 2024, Northvolt laid off around 1,600 Swedish employees and filed for creditor protection and restructuring proceedings under Chapter 11 of the US Bankruptcy Code in the USA in November.
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According to Northvolt, the battery factory in Heide, Schleswig-Holstein, is still not affected. The first cell assembly is scheduled to start there in the second half of 2027, followed by the factory ramp-up.
(fpi)