How electric car apathy brought down Europe's battery giant [Yahoo! Finance]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Yahoo! Finance
The company's giant gigafactory, in the Swedish town of Skellefteå, remains operational for now. But on Thursday night, at a court in New York, Northvolt's lawyers filed for bankruptcy protection amid a cash crisis for the European battery champion. Despite raising more than $15bn (£12bn) from investors, bondholders, pension funds and European governments since it was founded in 2016, this week the company had less than one week's cash remaining – $30m. Northvolt has blamed its downfall on foundering demand for electric vehicles (EVs) across Europe. Its “capital structure and business plan were premised on the assumption that the electric vehicle industry would continue its pattern of consistent growth”, said Scott Millar, a restructuring adviser at Teneo, in the company's court pleading. As investor fervour for EVs reached its peak during the pandemic, Northvolt expanded aggressively across Europe, the United States and Canada, with plans for a network of gigafactories, as the
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