Battery maker Northvolt filed for bankruptcy on March 12th after months of financial struggle. How will employees be affected? What does it mean for Sweden? Here’s what we know so far.
What has happened?
Northvolt’s board voted on Tuesday to file for bankruptcy in Sweden, with the company then on Wednesday filing bankrupcty applications to Swedish courts for five companies: Northvolt AB, Northvolt Ett AB, Northvolt Labs AB, Northvolt Revolt AB and Northvolt Systems AB.
The immediate trigger was the deadline to pay 291 million kronor to the Swedish Tax Agency, but the bigger problem was the company’s failure to secure a further round of financing or find a buyer for…
