A
VW-backed battery manufacturer goes bust.
Sweden’s Northvolt filed for Chapter 11 this week after racking up $5.8 billion in debt and burning through $30 million in cash. The company had investments from Volkswagen and Goldman Sachs and orders from Audi, Porsche, and BMW.
It was working with Volvo on new batteries due in 2025 with higher energy density to be integrated as a structural element of the vehicle, It’s unclear whether Northvolt will make that deadline, although it plans to “operate as usual” during the restructuring.
Northvolt files for Chapter 11 reorganization
[northvolt.com]
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