Things go from bankrupt to worse for Swedish EV battery manufacturer.
After filing for Chapter 11 in the US in November, Northvolt — which worked with Volkswagen, Volvo, Audi, Porsche, and BMW — has now filed for bankruptcy in Sweden. The company was founded by two ex-Tesla executives and was one of Europe’s leading efforts to rival US and Asian battery manufacturers before racking up billions in debt.
Urgent search underway for buyer of $7-billion Northvolt EV battery factory in Quebec
The search for a new owner for the troubled $7-billion manufacturing facility south of Montreal is underway, said the federal minister for innovation, science and technology, as debt-freighted Swedish battery sector pioneer files for bankruptcy.
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