Northvolt said on Tuesday that ‘all contacts with Ett Expansion AB will from now on be managed by the bankruptcy trustee’
Sweden ’s Northvolt said on Tuesday that one of its subsidiaries had filed for bankruptcy after the project it was developing was cancelled, while the rest of the cash-strapped battery making group continued to consolidate operations.
The Northvolt unit had been responsible for a planned tripling of capacity at the group’s gigafactory in northern Sweden, but its board last month cancelled the project. “Northvolt Group continues to be in dialogue with stakeholders for continued co-operation within Northvolt Group’s ongoing operations,” the company added in a statement.
“Northvolt Group is concentrating its resources towards accelerating production in large-scale cell manufacturing within the fully-built, first phase of Northvolt Ett and delivering on commitments to its automotive customers,” it said.
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