Swedish battery manufacturer Northvolt, which pension companies ATP, PFA Pension and Danica have invested in, among others, is having difficulty meeting its own production targets. This is shown by documents that Reuters has gained access to and sources that the news agency has spoken to.
Northvolt has set a long-term goal of delivering 100,000 batteries per week, but in recent weeks production has been below 30,000 cells. And only in one week since the end of August has it managed to reach the interim goal of producing 51,000 batteries in a single week.
This is partly due to the fact that production has been interrupted since October in one of the two factory buildings in Skellefteå, Sweden, where Northvolt is located.
At the same time, Nortvolt has decided to stop producing batteries 24/7. Instead, working hours have been changed so that the factories are only open on weekdays.
Has ATP as an investor
Northvolt has been in financial trouble for some time. In September, a fifth of its employees were laid off in an attempt to cut costs.
Reuters has previously reported that the company is considering filing for bankruptcy protection, but Northvolt has not commented on the information.
Northvolt has aimed to establish itself as a strong European competitor to Chinese manufacturers of batteries for electric cars.
The company has, among others, BMW and Volkswagen among its owners, and several investment banks and pension companies have also invested money in the venture.
ATP - with which all Danish employees save - has invested more than two billion. DKK in Northvolt, just as PFA Pension and Danica Pension have money in a pinch in the form of three-digit million loans.
/ritzau/
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