Advertise your business here! 🚀

Contact us now and get more customers.

Smiling woman thumbs up

Northvolt Continues Its Operations For Now

factory
Jan 09, 2025
Article Source LogoBattery News
Battery News

Swedish battery manufacturer Northvolt has decided to continue operations despite its financial difficulties. This is the result of a vote by shareholders, including Volkswagen and Goldman Sachs, in Stockholm. The company has been struggling for months with production problems, dwindling financial resources, and strong competition from China. Since late 2024, Northvolt has been in reorganization proceedings under Chapter 11 of the US Bankruptcy Code.

The shareholder approval will allow the company to proceed with its restructuring while attracting new investors. The company said it is in discussions with potential investors to complete a financing round of up to 1.2 billion US dollars. The goal of the financing round will be the repayment of debt and the stabilization of the companyĘźs operations.

Since its founding in 2016, Northvolt has raised more than ten billion dollars in equity, debt, and public funding. However, the companyĘźs debt stands at 5.8 billion dollars, while its cash and cash equivalents recently totaled just 30 million dollars.

Source:https://www.reuters.com/business/northvolt-remain-operation-while-seeking-financial-rescue-2025-01-08/

Share Your Insights!

Publish your articles, reach a global audience, and make an impact.

0
Recent Comments

Factory Related News You might want to check out

View by
Pentagon Awards $5 Billion Contract To Accelerate Navy Shipbuilding
Pentagon Awards $5 Billion Contract To Accelerate Navy Shipbuilding
Manufacturing Today
03 July 2025
factory
Ev Notes: Lucid’S New Factory And Polestar’S $200M Investment
Ev Notes: Lucid’S New Factory And Polestar’S $200M Investment
Industry Week
30 June 2025
factory
Data Center Manufacturer To Build $300 Million Assembly Plant In Texas
Data Center Manufacturer To Build $300 Million Assembly Plant In Texas
Assembly Magazine
29 June 2025
factory
Williams International Invests $1B To Build Aviation Gas Turbine Engine Manufacturing Facility In Florida
Williams International Invests $1B To Build Aviation Gas Turbine Engine Manufacturing Facility In Florida
Plant Service
27 June 2025
factory
Ge Appliances Invests $490 Million To Create Advanced Laundry Plant At Kentucky Headquarters
Ge Appliances Invests $490 Million To Create Advanced Laundry Plant At Kentucky Headquarters
Industry Week
26 June 2025
factory
Gcl Optoelectronics Finishes 1 Gw Perovskite Pv Module Factory In China
Gcl Optoelectronics Finishes 1 Gw Perovskite Pv Module Factory In China
PV Magazine
26 June 2025
powerplant
Texas Instruments To Invest $60 Billion To Make Semiconductors In Us
Texas Instruments To Invest $60 Billion To Make Semiconductors In Us
Assembly Magazine
26 June 2025
factory
Mumbai Airport Raises $750M Through Bond For Modernization
Mumbai Airport Raises $750M Through Bond For Modernization
Aviation Week Network-Factory
25 June 2025
factory
Updated Sasc Reconciliation Bill Directs $1 Billion To X-37B
Updated Sasc Reconciliation Bill Directs $1 Billion To X-37B
Aviation Week Network-Factory
25 June 2025
factory
Kazakhstan, China Launch $66.4B Industrial Projects Deal
Kazakhstan, China Launch $66.4B Industrial Projects Deal
Asia Manufacturing Review
24 June 2025
factory
Clean Energy Jobs Surge As Us Manufacturing Hits $18 Billion Gdp
Clean Energy Jobs Surge As Us Manufacturing Hits $18 Billion Gdp
Manufacturing Today
19 June 2025
factory
Siemens To Invest $10 Billion In Us Jobs And Smart Factories
Siemens To Invest $10 Billion In Us Jobs And Smart Factories
Manufacturing Today
19 June 2025
factory