Northvolt cuts workforce to 1,700 as part of bankruptcy process

Quick Summary:

Northvolt, once seen as Europe’s answer to a homegrown battery champion, amassed about $10 billion in debt and equity since being founded in 2016.

The bankruptcy estates have now reached “a principal agreement with the relevant stakeholders regarding financial guarantees to conduct the continued operations,” Kubu said, adding that the accord will be formalized in the coming days.

That legal process provided Northvolt with a temporary, and ultimately unsuccessful, lifeline while it sought to get its precarious finances on a stable footing.

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Article Details

Author / Journalist: Charles Daly, Bloomberg

Category: EconomyBusiness

Markets: United StatesMali

Topics: Sweden LondonWires Battery Debt Bankruptcy

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-01 @ 09:22:53 (2 days ago)

News Timezone: GMT +8:00

News Source URL: fortune.com

Language: English

Article Length: 233 words

Reading Time: 2 minutes read

Sentences: 4 lines

Sentence Length: 59 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Fortune

News ID: 27510391

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