Northvolt files for bankruptcy in Sweden

Sweden-based Northvolt AB has filed for bankruptcy following financial challenges in the battery sector, including rising capital costs and supply chain disruptions. Despite efforts to restructure financially and support from lenders, the company could not secure the necessary conditions to continue. Northvolt’s production improvements included doubling cell output and achieving a 50% improvement in production yield. The company delivered its first million battery cells produced with 100% fossil-free energy to a European customer. The bankruptcy process will be overseen by a Swedish court-appointed trustee, with Mikael Kubu nominated as Trustee.