Northvolt files for bankruptcy in Sweden

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Battery manufacturer Northvolt presented for bankruptcy in Sweden, once the company’s collapse, the world’s best hope of a company, which is dominated by China, has the best hope.

Including Goldman Sachs and Blackrock, Goldman Sachs and Blackrock, Goldman Sachs and Blackrock said he could not provide financing to continue and sell the assets of the court’s assigned reliability.

“This is an incredibly difficult day for everyone in the Northvolt. The battery, home and wider European industries have started to build something in a green and sustainable future,” said Tom Johnstone, Northvolt

This is a little end for a company that attracted a $ 15 billion corporate and government investment to develop technology for electric vehicles caught in Asian countries such as Europe, China, Japan and South Korea.

Northerly In November, in Chapter 11 in the United States, but in recent months, in recent months, in SKellefteå, only in the negotiations with a potential investor with a potential investor in the existing Battery factory under the Arctic Circle.

Previously, the financial time investigation was found The group headed by two former Tesla managers – he tried to open as six factories at the same time. Ten current and former employees have problems with extreme management, security standards and Chinese cars, he said.

After the establishment of 2016, NORTHVOLT was the best start of Europe, the best government officials in Germany, Canada, Sweden and Brussels.

However, unlike those in Canada and Germany, the Swedish government refused to offer large subsidies, investors left the financing round at the last year. His planned Canadian and German factories are not part of bankruptcy.

Johnstone said that despite the increase in production in the factory in recent months, he said he could not provide financing. “We hope that chapter 11 has done potential investors that 11 processes determine the necessary funding, which allows sustainable trade in Sweden’s bankruptcy process,” he said.

Swedish TruckMaker Scania, Northvolt’s main customer, provided the company with a new capital in November and The industry has purchased battery systems business. He recently said that the supply of other battery producers.

Chinese battery manufacturers have already a strong existence in Europe. The world’s largest manufacturer Catl, in Germany, Hungary and Spain, is building a joint venture with Carmaker Stellantis. VW Another Chinese company partnered with Gotion.

There are other European companies that make home batteries, but they are in an earlier stage than northern. Instead, there are other failures, including the Norwegian group Frey, who planned to become a solar power company in the battery.