The Swedish battery manufacturer Northvolt announced on Tuesday that it had filed for bankruptcy of its subsidiary responsible for the development of its giant Swedish factory in Skelleftea, in the north of the country.
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Northvolt, in serious financial difficulties, announced in September the freezing of the development of this site, together with the elimination of 1,600 jobs out of 6,500 in the group.
“Work on the expansion project has already been suspended and Northvolt is in contact with suppliers and subcontractors” about the consequences for them of this bankruptcy filing, the group writes in a press release.
Created in 2016, Northvolt is one of the great European hopes in batteries at a time when Europe is seeking to catch up with Asian giants, Chinese (CATL, BYD) and Korean (LG) in particular.
But the group has accumulated production delays in recent months and has decided to refocus its activity solely on the production of battery cells, abandoning the rest of the production chain (production of cathodes, recycling, etc.).
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