The reconstruction provides access to $145 million in liquid funds from a security package and $100 million in new financing from customers. The truck company Scania tells TT that they are providing the part of the financing to support production in Skellefteå.
The Chapter 11 process in the USA differs from, for example, a bankruptcy or reconstruction procedure in Sweden. The operations at Northvolt One, the company's flagship factory in Skellefteå, and Northvolt Labs in Västerås will continue as usual.
The company will continue to deliver to customers while fulfilling obligations to suppliers and paying wages to employees.
"This step will enable Northvolt to continue its mission to establish a domestic, European industrial base for battery production. Despite short-term challenges, this measure to strengthen our capital structure will make it possible for us to capture the continued demand in the market for vehicle electrification," says Tom Johnstone, interim chairman of the board at Northvolt.
The restructuring process is expected to be completed during the first quarter of 2025.
