The move comes as the battery maker tries to shore up its finances after reining in its ambitions
Sweden’s Northvolt is trying to sell off its stockpile of battery-making materials, three sources familiar with the matter said on Thursday, as the company tries to shore up its finances after reining in its ambitions.
“Ever since we produced our first battery cell at Northvolt Ett in Skelleftea in 2021, we have collaborated with partners who deliver externally produced cathode active material.”A spokesperson on Sept. 24 told Reuters the company had made significant progress in recent weeks in its effort to raise cash. The company reported a $1.2-billion loss in 2023 and in July its CEO said it had been too aggressive in its expansion plans.
Lithium hydroxide might last up to about six months and nickel sulphate for up to a year, the second source said, as both absorb water which would render them unusable. Despite being a leader in the industry, Northvolt has struggled to produce high-quality batteries in high enough volumes, leading to delays of EV ramp-up at truckmaker Scania and the cancellation by German auto maker BMW of a $2-billion order.
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