Saturday 23 Nov
Peter Carlsson, CEO of Northvolt since 2016, has stepped down as the Swedish battery maker filed for Chapter 11 bankruptcy protection in the U.S. The company, once hailed as a European leader in electric vehicle battery production, requires a substantial investment of between $1 billion and $1.2 billion to recover.
Northvolt's ambitious plan to build a large-scale battery factory in northern Sweden, powered by green energy, has been derailed by financial difficulties and operational challenges. The company's struggles to secure funding, coupled with production issues and the loss of key customers like BMW, have forced it to downsize and seek bankruptcy protection.
Despite these setbacks, Northvolt aims to restructure its business and emerge from bankruptcy by the first quarter of 2025. However, the company's future remains uncertain as it navigates a complex financial landscape and faces intense competition from established Asian battery manufacturers.
