The rescue plans for the crisis-stricken Swedish battery manufacturer Northvolt, in which pension companies ATP, PFA Pension and Danica have invested, among others, continue. The company has, among other things, applied for 'Chapter 11' bankruptcy protection in the USA.
The plan is to continue operations during the reorganization of the company. However, operations will be managed by a new person in the future. Thus, the company's founder Peter Carlsson has chosen to step down as CEO of the company. He will, however, remain involved in Northvolt, as he will continue as a member of the board of directors and senior advisor to the company. This is stated by the company in a press release.
- This marks a significant new phase for Northvolt and for me personally. Chapter 11 gives the company a period in which it can reorganize itself, increase its operations and at the same time fulfill its obligations to customers and suppliers. This makes it a good time for me to hand over the management, says Peter Carlsson, who has been CEO of Northvolt since the company's establishment in 2016.
Northvolt will in the near future be led by Pia Aaltonen-Forsell, Chief Financial Officer, and Matthias Arleth, President of Cells, who will take over the role of Chief Operations Officer, as well as Scott Millar, Chief Restructuring Officer. The process of finding a new CEO for Northvolt has already been initiated.
- I am very pleased that the two newly appointed members of Northvolt's management will together lead the next phase with a focus on operational improvements, increased customer satisfaction and financial restructuring, says Northvolt's interim chairman, Tom Johnstone.
In September, the company laid off 1,600 employees - a quarter of the workforce. Northvolt has aimed to establish itself as a strong European competitor to Chinese manufacturers of batteries for electric cars.
The company has BMW and Volkswagen among its owners, and several investment banks and pension funds have also invested in the venture. Northvolt has been hit by delays. In May, this led to the German car manufacturer BMW dropping an order from the company worth two billion euros - equivalent to almost 15 billion kroner.
ATP - with which all Danish employees save - has invested more than two billion kroner. in Northvolt, just as PFA Pension and Danica Pension have money in a pinch in the form of three-digit million kroner loans.
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