A subsidiary of Northvolt AB has filed for bankruptcy after the struggling battery maker paused the expansion of operations at its flagship Swedish factory as part of a strategic review.
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“We have been working for several weeks to find another solution,” a Northvolt spokesman said in an email. “Unfortunately, this has not been successful, and therefore we have filed for bankruptcy for the subsidiary.” “We are in the middle of a financing process, and we plan to return with more information later on,” the company said.
Now Northvolt faces a cash crunch, after a production ramp-up faltered at its main plant near the Arctic Circle. Bloomberg reported last week that the company has also pulled back on an aggressive expansion across Europe and North America, as it sought to build the manufacturing scale needed to compete with lower-cost Chinese producers.
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