Northvolt building in Sweden, photographed in February 2022.
Mikael Sjoberg | Bloomberg | Getty Images
Northvolt electric vehicle battery manufacturer said on Wednesday that he had filed for bankruptcy in Sweden.
The company said it had filed an application for non -solvency after “an exhaustive effort to explore all available funds to secure the sustainable financial and operational future of the company.”
“Like many companies in the battery sector, Northvolt has experienced a number of complex challenges in recent months that have eroded its financial position, including growing capital costs, geopolitical instability, subsequent disorders of supply chain and shift in demand for market,” Northvolt noted.
“Furthermore, according to this background, the company faced significant internal challenges in its increase in production, as in ways that were expected to engage in what was a very complex industry and others that were unforeseen.”
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