Posted on 03/12/2025 1:29:11 PM PDT by dynachrome
Battery cell maker Northvolt has filed for bankruptcy in Sweden, the company said on Wednesday, marking one of the country's largest corporate failures and effectively ending Europe's best hope of developing a rival to challenge China. "This was a decision we did not take lightly" and it was the only "realistic path forward," Northvolt Chairman Tom Johnstone told a press conference, saying every avenue had been pursued to avoid bankruptcy for the company, which puts 5,000 jobs at risk.
The EV battery maker sought U.S. Chapter 11 bankruptcy protection in November as its cash pile dwindled and it scrambled to secure funds to fix problems in boosting output at its flagship plant in northern Sweden.
Its debt stood just over $8 billion across the Northvolt entities entering bankruptcy, U.S. chapter 11 documents showed.
The bankruptcy is one of the biggest in Swedish corporate history and the most high-profile since carmaker Saab Automobile more than a decade ago.
(Excerpt) Read more at msn.com ...
I guess their charge ran out.....................
A lot of money stolen/wasted.
From June, 2019:
“Northvolt secures $1 billion from VW, others for gigafactory; joint gigafactory with VW also planned”
https://freerepublic.com/focus/f-chat/3756445/posts
Cue the music
Bump, Bump, Bump
Another one bites the dust
Bump, Bump, Bump
Another one bites the dust
Why are they filing US chapter 11 bankruptcy?
I was wondering if it had anything to do with the green cult, so I checked their website, and, sure enough:
Green batteries for a blue planet
We’re in the battery business. Manufacturing with clean energy, our mission is to deliver batteries with a 90% lower carbon footprint compared to those made using coal energy. And we’re building them into solutions to make the world a better, cleaner place.
The US should have import limits on EV batteries, going to zero by say 2028.
EV batteries can be made by automatic machinery and should be made in the USA.
Probably from Sweden’s cold weather.
Do they have battery powered shredders?
Overpaid so called battery specialists and scientists
It’s apparently legal, and can afford benefits that filing under their own jurisdiction wouldn’t:
https://internationalbusinesslawadvisor.com/foreign-company-chapter-11-bankruptcy/
Most motorists won’t voluntarily purchase an EV. Its an industry based on the expectation of government coercion to force sales and profits. Its a bit like communist consumer mandates. No it is very much exactly like communism. It eventually fails spectacularly.
The battery and solar cells project in Europe are destined for bankruptcy. Many/most are already out of business!
Why?
Because of “green” policies, the price of power is so high on Europe!
These projects need a lot of energy. China, with cheap coal power can products “green” stuff destined for abroad a lot cheaper!
Is Sweden mining and refining those rare, crazy properties, earths [elements]?
“Most motorists won’t voluntarily purchase an EV”
Golf Courses have, for decades, had fleets of electric carts. [They work GREAT! - for the specific purpose.]
“Europe’s best hope of developing a rival to challenge China.”
In order to do that you must use slave labor paying them maybe $1/hr allowing you to sell product at a price the foreign manufacturers can’t match until they fold and then increase the prices.
Champions.
“our mission is to deliver batteries with a 90% lower carbon footprint compared to those made using coal energy.”
their mission wasn’t to:
“Manufacture better EV batteries at a lower cost than all of our competitors and deliver them 100% on time to all of our customers”
but instead:
“Our mission is to manufacture EV batteries with one hand and one leg tied behind the backs of all of our employees and engineers come hell or high water and damn the consequences”
Exactly. No mention of making an operationally better battery, just a “greener” one.
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