Nortvolt has filed for bankruptcy in Sweden, the company itself reports. Northvolt produced batteries for electric vehicles from Volvo, Scania and BMW.
With the disappearance of Northvolt, the idea of getting its own battery production off the ground in Europe seems to have failed. Batteries mainly come from China and South Korea, which means that the production of electric vehicles is almost entirely dependent on countries outside Europe. The idea was so great, to produce batteries in Sweden itself using sustainable energy.
Around 400 billion Swedish kronor were invested in Northvolt, which is more than 36 billion euros. Last year, the European Investment Bank invested one billion euros in the ailing company. In October, Northvolt managed to secure another 15 billion in financing, but the company was struggling with serious payment arrears. The salaries and purchase invoices could no longer be paid, while the Swedish tax authorities still had an outstanding bill of 25 million Swedish kronor.
In addition to the financial malaise, the company also faced investigations into deaths among staff.
The bankruptcy seems to cause serious problems for Scania in particular. Scania had built its own assembly plant where the Northvolt batteries were combined in packages for mounting under the electric trucks.
The bankruptcy currently only concerns the Swedish factory in Skellefteå. The American and German departments of the company remain outside the bankruptcy for the time being.
Share me: