The one-time great European hope for the battery industry faces an uphill task to secure a financial rescue
Peter Carlsson, the co-founder and former chief executive of Northvolt, supposedly joked once about what would happen if the one-time great European hope for the battery industry ran into trouble. If it all goes wrong, he suggested everyone in the Swedish company would end up speaking German, according to a former senior executive. Carlsson admits making a comment along these lines, indicating it was an expression of the importance of Germany to Northvolt.
It filed for Chapter 11 with just $30mn in the bank, despite having raised $15bn in debt, equity, and government subsidies for its battery factory in northern Sweden and planned plants in Germany and Canada. Forecasts in the filing underscore its problems. Revenues for the 13 weeks from mid-November to mid-February are estimated to reach $46mn, according to the filing, while outflows are likely to be $348mn.
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