"Northvolt is satisfied with the result of today's extraordinary general meeting, where the shareholders voted to continue Northvolt's operations. This positive result shows the support from our shareholders as we work to realize our ambition and maximize our value," writes Erik Zsiga in a comment to TT.
"Northvolt continues to make progress in the restructuring process while increasing production and implementing the company's transformation," he adds.
Pension giant AMF, which owns a few percent of the company's shares, states that there was no uncertainty at the meeting regarding the decision.
It was a total majority for the operations to continue and that no liquidation would occur, says Anders Oscarsson, chief investment officer at AMF to TT.
"A tough business"
What hopes can one dare to have after today's meeting?
It's about being optimistic, that's number one. Number two, Northvolt has a tough business to take care of and it's about showing that they have battery production and that it will become profitable in order to get new money in, says Oscarsson further.
Positive comments also come from the personnel side.
"It's gratifying for our remaining 500 engineer members to keep their important jobs developing a European battery factory and contributing to the green transition. A liquidation of Northvolt would have been a hard blow for many employees and their families, especially all those who came from other countries to work," writes Camilla Frankelius, chief negotiator at the Swedish Association of Engineers, in a comment.
Billion debt
Northvolt applied for bankruptcy protection in a Texas court last autumn under Chapter 11 of the US bankruptcy law. At the time, the debt was estimated to be 60 billion kronor.
Prior to the application, the crisis-stricken battery manufacturer tried for several months to get new capital and new loans to avoid going under.
Northvolt aims to complete the reconstruction in the US during the first quarter of 2025.
Most of Northvolt's nearly 6,000 employees work at the Northvolt Ett battery factory in Skellefteå.
Here, Northvolt's nearly 6,000 employees work:
Skellefteå: 3,400 employees
Västerås: 1,100 employees
Stockholm: 750 employees
Gdansk: 350 employees
Montreal: 130 employees
Heide/Hamburg: 95 employees
