Swedish electric vehicle (EV) battery manufacturer Northvolt filed for bankruptcy after the company’s dreadful liquidity position left the business with only one week’s worth of cash to fund its operations.
The Chapter 11 petition was filed at the U.S. Bankruptcy Court for the Southern District of Texas on Thursday. The company listed assets and liabilities in a range of $1 billion to $10 billion, with creditors estimated to be between 1,000 and 5,000. Established in 2016 in Stockholm, Northvolt is an energy-storage company that manufactures lithium-ion batteries.
A leading manufacturer in the European Union, Northvolt competes with China’s BYD and CAT to supply batteries to carmakers in the region. As such, the bankruptcy of Northvolt presents a challenge to Europe’s ambitions to counter Chinese EV dominance.
The company’s “liquidity picture has become dire,” according to a filing made by Scott Muller, senior managing director of Teneo, which is acting as a financial adviser to the battery manufacturer.
The company currently has $30 million cash in hand, which is only enough to support operations for a week, he said. […]
— Read More: www.theepochtimes.com
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