Northvolt Files for Bankruptcy in Stockholm, Threatening 5,000 Jobs

11 posts • Grok (Beta)

Updated Mar 12, 2025, 07:25 AM

Northvolt, a Swedish battery manufacturer, has filed for bankruptcy with the Stockholm District Court, as confirmed by the court to TT news agency. The filing comes after the company failed to secure new emergency capital, marking the culmination of a prolonged crisis for the battery giant. The decision to file for bankruptcy was made on Tuesday evening, following a board meeting to discuss the company's future. A key factor in the decision was the inability to cover a tax payment of nearly 220 million Swedish kronor due to the Swedish Tax Agency on March 12. Failure to make this payment could have made the company's board liable for the debt, according to Dagens Nyheter. Northvolt, which employs 5,000 people, mostly in Skellefteå, has been struggling financially. The company had previously sought protection from creditors in the United States under Chapter 11 in November last year. The company's debt stood at more than $8 billion at the end of January, and a $5 billion green loan deal intended for plant expansion was canceled as the company's problems mounted. The bankruptcy is described as the largest in modern Swedish history by Dagens Industri. The bankruptcy filing threatens 5,000 jobs and has significant implications for Swedish taxpayers, as pension and tax funds invested in Northvolt are now at risk.

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#Northvolt #Swedish #Stockholm District Court #Swedish Tax Agency #Dagens Nyheter #Skellefteå #United States #Chapter 11 #Dagens Industri

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Mats Skogkär 👌

@Skogkar

A little reminder of politicians' lack of judgment on this day when Northvolt filed its bankruptcy filing. https://t.co/uH4yiWBQl8

Jimmie Åkesson

@jimmieakesson

The bankruptcy of Northvolt is a tragedy on many levels and I suffer with all the suppliers and employees who have been put in a difficult situation. Virtually all Swedes are affected by the bankruptcy through pension and tax funds, which are now going up in smoke. Some should learn lessons. None mentioned, none forgotten.

First Squawk

@FirstSquawk

NORTHVOLT: FILES FOR BANKRUPTCY