Davin News Server

Northvolt Files for Bankruptcy

https://wattsupwiththat.com/2025/03/17/northvolt-files-for-bankruptcy/

Obviously two major factors lie behind this bankruptcy:

The lack of demand for EVs in Europe
The impossibility of competing profitably with batteries made in China
 
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Stockholm, Sweden,12 March 2025 - Following an exhaustive effort to explore 
all available means to secure a viable financial and operational future for 
the company, the Board of Directors of Northvolt AB today announced that it 
has filed for bankruptcy in Sweden.

Like many companies in the battery sector, Northvolt has experienced a series 
of compounding challenges in recent months that eroded its financial 
position, including rising capital costs, geopolitical instability, 
subsequent supply chain disruptions, and shifts in market demand. Further to 
this backdrop, the company has faced significant internal challenges in its 
ramp-up of production, both in ways that were expected by engagement in what 
is a highly complex industry, and others which were unforeseen.

Despite pursuing all available options to negotiate and implement a financial 
restructuring, including a Chapter 11 restructuring process in the United 
States, and despite liquidity support from our lenders and key 
counterparties, the company was unable to secure the necessary financial 
conditions to continue in its current form. The Board therefore determined 
that this is the only available solution while the company pursues all 
realistic options to obtain financing to continue operating during the 
Swedish bankruptcy process.

It should be underscored that in engaging in this process, the company found 
significant traction with potential partners and interest from investors - 
something which illustrates the strong underlying value and future potential 
of Northvolt and is testament to its accomplishments. Ultimately, however, 
with limited time and financial resources available, the company was unable 
to conclude the necessary agreements to secure its future.

Following the filing, a Swedish court-appointed trustee will now oversee the 
process, including the sale of the business and its assets and settlement of 
outstanding obligations. The process will be conducted in accordance with 
Swedish insolvency law, with a focus on ensuring an orderly transition for 
employees, partners, and creditors. Northvolt has nominated Mikael Kubu as 
Trustee.

The entities Northvolt AB, Northvolt Ett AB, Northvolt Labs AB, Northvolt 
Revolt AB and Northvolt Systems AB filed with the Swedish court. Northvolt 
Germany and Northvolt North America are not filing for bankruptcy in their 
respective jurisdictions. As wholly owned subsidiaries of Northvolt AB, any 
decisions regarding these entities will be made by the court-appointed 
trustee of Northvolt AB in consultation with the Group's lenders at the 
appropriate time.

Northvolt recognizes the significant impact of this outcome on its employees, 
suppliers, customers, and other stakeholders. The company is working closely 
with relevant authorities, trade unions, and partners to ensure that 
employees receive the support and information they need during this 
transition.

https://www.mynewsdesk.com/se/northvolt/pressreleases/northvolt-files-for-
bankruptcy-in-sweden-3374738

Obviously two major factors lie behind this bankruptcy:

The lack of demand for EVs in Europe
The impossibility of competing profitably with batteries made in China

There is no prospect of either of these two challenges being resolved soon.




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Climate Change/Global Warming/CO² makes for shorter winters, except for when 
it makes for longer winters. 

Climate Change/Global Warming/CO² means less snow, except for when Climate 
Change/Global Warming/CO² means more snow. 

And Climate Change/Global Warming/CO² causes droughts in California and 
floods in Texas and Oklahoma and generally makes wet places wetter and dry 
places dryer, except when it makes wet places drier and dry places wetter, 
except when none of that changes at all, and then Climate Change/Global 
Warming/CO² explains that too! 

And Climate Change/Global Warming/CO² causes more hurricanes at the same time 
as it causes less hurricanes. 

Climate Change/Global Warming/CO² causes more rain but less water... and less 
rain but more water?

And Climate Change/Global Warming/CO² causes more water vapour in the 
atmosphere, at the same time it causes less rain... and less water vapour in 
the atmosphere, when it causes MORE rain? 

Climate Change/Global Warming/CO² decreases the spread of malaria at the same 
time as it increases the spread of malaria. 

Climate Change/Global Warming/CO² makes San Francisco foggier... Climate 
Change/Global Warming/CO² makes San Francisco less foggy. 

Climate Change/Global Warming/CO² causes duller autumn leaves... Climate 
Change/Global Warming/CO² causes shinier autumn leaves. 

Climate Change/Global Warming/CO² makes for less salty seas... Climate 
Change/Global Warming/CO² makes for saltier seas. 

Climate Change/Global Warming/CO² causes the polar ice caps to melt... 
Climate Change/Global Warming/CO² also causes the polar ice caps to freeze. 

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The left won't LET you, and brands you a denierrrrrrr(whining).