Northvolt studies chapter in Sweden – development work in Heide ought to proceed | EUROtoday

The extremely indebted battery producer Northvolt has filed for chapter in his Swedish homeland. A corresponding software had been submitted to a Stockholm courtroom, the corporate mentioned. The step contains all Swedish models of the group, however not the German and American subsidiaries. The development work for the Northvolt manufacturing facility close to Heide in Schleswig-Holstein is now to proceed in the intervening time.

“After extensive efforts to explore all available funds to secure a sustainable financial and operational future for the company, the Northvolt Supervisory Board announced from today that the company has filed for bankruptcy in Sweden,” mentioned the group’s assertion. Like many firms within the battery sector, quite a few challenges have been skilled in latest months with penalties for their very own monetary scenario, together with rising capital prices, geopolitical instability and provide chain issues. In addition, inner challenges in the case of rising manufacturing got here.

Northvolt was an awesome hope for the European automotive business for a very long time as a producer of the batteries for electrical vehicles. After initiating an enlargement course and several other setbacks such because the withdrawal of a billion -dollar order for battery cells by the automobile producer BMW, the group needed to row again vigorously and completed with financing issues and excessive money owed.

In September 2024, the corporate introduced that it was estimated to alleviate 1,600 workers in Sweden and put a number of enlargement plans on maintain. Two months later, it lastly utilized for creditor safety within the United States: With a restructuring process in accordance with the US insolvency legislation, the Swedes needed to guard themselves from claims by collectors and on the similar time discover a financially viable approach to the longer term as an impartial company-without success, as can now be seen.

The development website in North German Heide was not affected by the restructuring course of as a result of the German daughter is financed independently of the father or mother firm. Germany boss Christofer Haux assured that the placement enjoys the very best precedence. However, he additionally made it clear that the European battery cell business was in a difficult scenario. According to schedule, the primary cell meeting in Heide is to start within the second half of 2027 earlier than the manufacturing facility robe ought to begin afterwards.

“As an independent GmbH, Northvolt Drei Project GmbH is not part of the bankruptcy application and is in contact with the administrator now employed for Northvolt in Sweden,” mentioned a Northvolt spokesman. “The company in Germany continues.”

Federal Minister of Economics Robert Habeck (Greens) is hoping for a rescue of the Swedish battery producer. “I am still hopeful that a new investor will be found through the bankruptcy proceedings for Heide and maybe for the Swedish parent company,” mentioned Habeck on the sidelines of the craft truthful in Munich. “The conversations are underway.” Someone who may put the corporate on stable legs will probably be sought. “The possibility is quite.”