Northvolt, the Swedish battery manufacturer with plans to build a $7-billion factory in Quebec, has declared bankruptcy in Sweden.
The company said in a media release that the decision to declare bankruptcy was taken after “an exhaustive effort to explore all available means to secure a viable financial and operational future for the company.”
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,” the release says.
The company says its North American operations are solvent.
Now, a court-appointed trustee will determine the future of Northvolt’s businesses…
