Northvolt Faces Bankruptcy Setback

OSLO (Reuters) – Swedish battery maker Northvolt announced on Tuesday that one of its subsidiaries has filed for bankruptcy, while the rest of its financially strained group works on consolidating operations.

The bankrupt unit, Northvolt Ett Expansion AB, was tasked with expanding capacity at the group’s gigafactory in northern Sweden, a project that the board canceled last month.

"All contacts with Ett Expansion AB will from now on be managed by the bankruptcy trustee," the group stated.

"Northvolt Group continues to communicate with stakeholders to ensure cooperation within its ongoing operations," it added.