Northvolt Files For Bankruptcy as Europe’s Battery Champion Loses Spark
Swedish battery maker Northvolt has filed for Chapter 11 bankruptcy in the U.S. and announced CEO Peter Carlsson’s departure following a year marked by production delays and workforce reductions.
The company, once viewed as Europe’s challenger to Chinese battery dominance, reported $1.2 billion in losses against $128 million revenue for 2023. Despite securing $15 billion in funding and $50 billion in orders by late 2023, with major stakeholders including Volkswagen (21%) and Goldman Sachs (19%), Northvolt faced mounting challenges. BMW canceled a $2 billion contract in June, prompting job cuts and project suspensions.
Read more of this story at Slashdot.
Swedish battery maker Northvolt has filed for Chapter 11 bankruptcy in the U.S. and announced CEO Peter Carlsson’s departure following a year marked by production delays and workforce reductions.
The company, once viewed as Europe’s challenger to Chinese battery dominance, reported $1.2 billion in losses against $128 million revenue for 2023. Despite securing $15 billion in funding and $50 billion in orders by late 2023, with major stakeholders including Volkswagen (21%) and Goldman Sachs (19%), Northvolt faced mounting challenges. BMW canceled a $2 billion contract in June, prompting job cuts and project suspensions.
Read more of this story at Slashdot.