Battery manufacturer Northvolt filed for Chapter 11 bankruptcy protection in the USA last week.
Although the financial situation for Northvolt is far from desirable for ATP, which has invested around DKK 2.3 billion in the company since 2019 and currently owns around 5.3 percent of the shares, the Danish pension fund hopes that the application for bankruptcy protection will be successful so that the company can be saved in the long term.
- We must note that the company's strong expansion with associated large debt has made the company's rescue very difficult, and therefore the company has now ended up in a situation where bankruptcy protection has been applied for. It is still very early days, but as part of a Chapter 11 process, the conditions can be created for Northvolt to have a future, says Mikkel Svenstrup, Investment Director at ATP, in a press release.
ATP, like other investors, customers and creditors including Goldman Sachs and Volkswagen, has worked intensively in recent months to find a solution that could secure the company the necessary capital.
- We are of course very disappointed that the company has so far not been able to sustainably secure competitive and efficient European battery production for the transport sector, which is crucial for supporting green development, security of supply and growth in Europe, says Mikkel Svenstrup.
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