Northvolt Asset Sale Delayed, Expected Within Weeks

The bankruptcy trustee Mikael Kubu hopes to have an agreement on the purchase of the assets of the bankrupt Northvolt in place within "a few weeks". The deal is urgent, as it costs a lot to handle hazardous chemicals in Skellefteå – where production was completely halted at the turn of the month.

» Published: July 07 2025 at 11:16

Northvolt Asset Sale Delayed, Expected Within Weeks
Photo: Jonas Ekströmer/TT

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Discussions about a deal are currently underway with five foreign parties, which Mikael Kubu expects can be approved as owners by Swedish authorities.

With varying intensity, of course. But discussions are underway with all of them, says Kubu to TT.

A few weeks is my hope, he replies to the question of when an agreement could be in place.

The deal is complex, as the business is large. And whether a buyer can receive any kind of support from the Swedish government is unclear, according to Kubu.

It's a buyer issue and it's certainly the type of questions being asked. But it's not something the estate is driving, he says.

He adds that any potential state support to a buyer is likely also an issue that the EU must approve.

The contacts Kubu has with government representatives are not about this, but rather about general information on the status of the bankruptcy administration.

When battery manufacturer Northvolt was declared bankrupt in March – the largest bankruptcy in modern times in Sweden – there were nearly 5,000 employees in the company, of which around 3,000 in the battery factory in Skellefteå.

This summer, the estate has reduced the total workforce in Skellefteå, Västerås, and Stockholm to around 160-170 short-term employees. Much of it is about handling environmentally hazardous materials in Skellefteå.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers
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