According to news reports, battery manufacturer Northvolt has considered filing for bankruptcy protection in the United States.
Northvolt has considered filing for bankruptcy protection in the United States.Swedish battery maker Northvolt has discussed the possibility of filing for Chapter 11 bankruptcy protection in the United States, Reuters reports, citing a report by business daily Dagens Industri, which said it had received confidential information from people close to the matter.
As we have seen in recent months, especially in Quebec, Northvolt's descent into hell is proceeding at an infernal pace. The company, which not so long ago was considered the European benchmark in battery manufacturing and which also had plans to build a plant in Quebec, has since faced a number of problems, not the least of which is the slowdown in the expected global growth of electric vehicles.
Northvolt has received about 10 billion euros since it was founded in 2016.Dagens Industri explains that Northvolt has been considering Chapter 11 proceedings under the US Bankruptcy Code in order to put its finances on a sounder footing.
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