EV battery-maker Northvolt declares bankruptcy, CEO resigns [Globe and Mail, The (Toronto, Canada)]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Globe and Mail, The
Northvolt AB's founding chief executive stepped down on Friday as the struggling European maker of electric-vehicle batteries began a court-monitored restructuring process, with a $7-billion Canadian plant a key part of its hopes. Stockholm-based Northvolt filed for Chapter 11 bankruptcy protection in Texas on Thursday, buying it time to restructure its finances in co-operation with numerous creditors, including four Canadian pension funds . It said it is seeking new investment or buyers. The company said in its filing it faced a liquidity crisis with US$5.84-billion in debt, but just US$30-million in cash, equal to about one week of operating costs. It also said it was struggling to meet its production targets. The downfall of Europe's homegrown battery hope, backed by Volkswagen AG, Goldman Sachs and others, casts doubts on optimistic projections about Europe's shift to electrified transport. Northvolt has cut a fifth of its work force, shut down a number of operations and ho
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