An EV battery maker that raised $15 billion from investors including Goldman Sachs filed for bankruptcy protection after almost running out of cash [Business Insider]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Business Insider
The Swedish firm, founded by two ex-Tesla executives, has struggled amid stuttering demand for EVs. Northvolt said it had secured an extra $245 million in funding as part of the bankruptcy deal. Northvolt, the battery company founded by two former Tesla executives, has filed for Chapter 11 bankruptcy protection after struggling to ramp up production. Sweden-based Northvolt said on Thursday that it voluntarily entered bankruptcy proceedings in the US, which will allow it to restructure debt and obtain new investment. Bankruptcy documents showed Northvolt had about $5.8 billion of debt, and just $30 million in available cash — enough to fund its operations for about seven days. Goldman Sachs, JPMorgan, and Microsoft were all listed as creditors in bankruptcy documents. It had raised more than $15 billion since its foundation in 2016. Northvolt said it has secured extra funding of about $245 million, including $145 million in cash, and a $100 million commitment from a custom
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GS
Earnings
- 10/16/24 - Beat
GS
Sec Filings
- 11/22/24 - Form 424B2
- 11/22/24 - Form 424B2
- 11/21/24 - Form 424B2
- GS's page on the SEC website