Latest news with #Affärsvärlden
Local Sweden
11-04-2025
- Business
- Local Sweden
Board of Swedish battery company Northvolt resigns mid-bankruptcy
The entire board of Northvolt, the bankrupt Swedish battery company, has resigned, the Swedish Companies Registration Office has confirmed. Advertisement "The whole lot of them have chosen to go," an official at the registration office told the Affärsvärlden magazine. Johan Pellegrini, the bankruptcy trustee of the company, told Affärsvärlden that there was no requirement for the board to stay in place, but that resigning would not relieve them from their fiduciary responsibilities as directors. "There is nothing that hinders the board from leaving in the middle of a bankruptcy," he said. "The board's duties towards the bankruptcy trustee do not disappear just because they have left the board." On the day the Northvolt board's resignation became public, the Swedish truck manufacturer Scania announced that it was buying one of Northvolt's divisions for an undisclosed price. The company Northvolt Systems has 260 staff based in Stockholm and Gdansk, Poland, and develops battery systems for heavy industrial and off-road vehicles, with a set of battery modules and systems used in industrial diggers and mining machinery. Advertisement "The acquired company will be a partner to Scania's Power Solutions business area, which will strengthen Scania's offer as part of a diversified portfolio," Scania wrote in a press release.
Local Sweden
19-02-2025
- Automotive
- Local Sweden
Sweden's Northvolt asks for extension of bankruptcy protection process
Financially strained, the company announced in November that it had applied for so-called Chapter 11 bankruptcy protection in the United States, saying it expected to complete the restructuring process in the first quarter of 2025. Northvolt spokesman Erik Zsiga on Wednesday told AFP the company had requested an extension, but still aimed "to finalise the Chapter 11 process in the first quarter". "But we also need to act to have flexibility if needed," Zsiga said in an email. Swedish business paper Affärsvärlden reported that Northvolt's lawyers had requested the process be extended until June 19th, citing court filings. Northvolt said in September it was slashing 1,600 jobs – a quarter of its staff – and suspending the expansion of its site, as it struggled with strained finances and a slowdown in demand. It has been seen as a cornerstone of European attempts to catch up with China and the United States in the production of battery cells, a crucial component of lower-emission cars. Europe accounts for just three percent of global battery cell production, but has set its sights on 25 percent of the market by the end of the decade. Northvolt has been plagued by production delays, which in May 2024 led car manufacturer BMW to drop an order worth 2 billion euros ($2.2 billion). On Tuesday, Northvolt announced it was selling a business unit making heavy industry battery packs for an undisclosed sum, with truck manufacturer Scania confirming it was the buyer.
