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Northvolt Files for Bankruptcy as Cash Dwindles to $30 Million

2024-11-21 20:20:12.824 GMT

By Irene Garcรญa Pรฉrez, Kati Pohjanpalo, Rafaela Lindeberg and
Luca Casiraghi

(Bloomberg) -- Northvolt AB filed for bankruptcy protection in the US after a desperate bid to secure rescue funding fell short, leaving the struggling battery maker with just one weekโ€™s cash in its accounts.

The Swedish electric vehicle supplier will seek to restructure under Chapter 11 of the bankruptcy code, it said in a statement on Thursday. Northvolt had about $30 million in available cash, it said in a filing, and $5.84 billion in debt.

The company decided to take the US legal route to provide a well-known framework for existing investors and third parties that have shown interest in providing financing, a person familiar with the matter said.
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