Official court filings or announcements from Northvolt

Northvolt Gains 8 Months to Secure Funding After Shareholders Approve Continued Operations Amid 60 Billion Kronor Debt

Jan 8, 2025, 11:37 AM

Northvolt, the Swedish battery manufacturer, has received shareholder approval to continue its operations, averting liquidation. The decision was made during an extraordinary general meeting held on January 8, 2025, in Stockholm. The company, which filed for Chapter 11 bankruptcy protection in the U.S. in late November, has been struggling with a debt of approximately 60 billion Swedish kronor. Shareholders voted in favor of continuing the business, providing Northvolt with an additional 8 months to secure new funding and complete its restructuring process. The vote was described as a formality but was crucial for the company's future. Northvolt's press chief, Erik Zsiga, expressed satisfaction with the outcome, emphasizing the support from shareholders as the company works towards realizing its ambitions and maximizing its value. Northvolt employs 3,400 in Skellefteå, 1,100 in Västerås, 750 in Stockholm, 350 in Gdansk, 130 in Montreal, and 95 in Heide/Hamburg.