The crisis-stricken battery manufacturer Northvolt has received the green light from its owners on Wednesday to continue operating the business while it continues to try to implement its rescue plan. The company's press officer, Erik Zsiga, told the Swedish news agency TT.
The decision was made at an extraordinary general meeting in Stockholm after a 2024 that has been marked by large losses and production problems.
It has previously emerged that several Danish pension companies have invested heavily in Northvolt. This applies to ATP, PFA Pension and Danica. ATP invested 2.3 billion. DKK in the Swedish company. As recently as December, ATP's CEO, Martin Præstegaard, called the investment almost worthless. This happened in an interview with DR.
Northvolt, which also has several large car manufacturers in its ownership group, has invested a lot of money in building factories in many countries, but it has had difficulty delivering the ordered batteries.
A major round of layoffs was supposed to give more room in the budgets, but Northvolt had to file for bankruptcy protection in the US in November as a result of its cash reserves running out.
The purpose of bankruptcy protection is to have peace of mind to raise new money and reconstruct the company. On Wednesday, a vote was to be held on whether to turn the key completely around or whether to continue trying to save the company.
- This is a positive outcome that expresses the support of our shareholders as we try to realize our ambitions and maximize our value, it said in a written response to Reuters on Wednesday.
- Northvolt continues to make progress in the restructuring process while increasing production and carrying out its transformation, it said further.
Northvolt has aimed to establish itself as a strong European competitor to Chinese manufacturers of batteries for electric cars. The company aims to complete the reconstruction process in the United States by the end of March, writes Swedish TT.
/ritzau/
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