A strong blow to the EU sector - Europe's largest battery manufacturer declares bankruptcy!
Battery manufacturer Northvolt has declared bankruptcy in Sweden, dealing a blow to Europe's battery manufacturing capabilities.
The firm said it had made an " exhaustive effort...to ensure a sustainable financial and operational future for the company" , but it had experienced a number of "complex challenges".
He cited rising capital costs, geopolitical instability, supply chain disruptions and changes in market demand.
“In addition to this backdrop, the company has faced significant internal challenges in scaling up its production, both in ways that were expected from engaging in what is a highly complex industry, and others that were unforeseen, ” Northvolt added in a press release.
The battery firm previously sought Chapter 11 bankruptcy protection in the US last November after finding itself in a difficult financial position.
The move gave the firm a temporary boost, although Northvolt was unable to turn its balance sheet around. A court-appointed trustee will now sell its assets in Sweden.
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