
Battery manufacturer Northvolt last week filed for bankruptcy protection, Chapter 11 in the USA.
Although the financial situation for Northvolt is far from desirable for ATP, which since 2019 has invested around DKK 2.3 billion. DKK in the company and currently owns approx. 5.3 per cent of the shares, the Danish pension fund hopes that the application for bankruptcy protection will go through, so that the company can be saved in the long run.
- We must state that the company's strong expansion with associated large debt has meant that the company's rescue has proved 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, but as part of a Chapter 11 process, prerequisites 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 Sach 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 sorry that until now the company has not been able to sustainably ensure 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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