Northvolt to stop production at end of June without buyer
Northvolt's Chief Operating Officer Matthias Arleth is expected to deliver the news of the final production line closure to the company's 900 staff later today.
Bankrupt battery maker Northvolt AB will stop production at its last remaining factory in northern Sweden at the end of June if it fails to find a buyer before then, a person familiar with the matter said, asking not to be identified discussing private information.
The plant in Skelleftea has been running one production line making cells for truckmaker Scania CV AB ever since a court-appointed trustee in Sweden put the group’s business and assets up for sale in March. So far a buyer has not materialized.
Later today, a virtual meeting will be held for staff including the 900 people working at the factory and will be hosted by Chief Operating Officer Matthias Arleth, spokesperson Matti Kataja said separately by phone. He declined to comment on the details of the meeting but described it as a regular update.
Northvolt had a total staff of about 7,000 prior to running out of money last year following a series of operational blunders that forced it to file for bankruptcy protection in the US.
The company, once seen as Europe’s answer to a homegrown battery champion, amassed about $10 billion in debt and equity since being founded in 2016.
This story was originally featured on Fortune.com
