QUand Britishvolt collapsed in 2023, Northvolt was shown as the model to follow, the best European chance to build a battery industrialist for electric vehicle likely to compete with Chinese and South Korean producers. But, in turn, the Swedish declared himself bankrupt Wednesday, March 12.
The firm was placed, in November 2024, under the American bankruptcy protection regime, hoping to find a lifeline. But, despite the” interest “ partners and investors, “The company was unable to conclude agreements” necessary for his survival, underlines Northvolt.
The defeat is bitter. It is not for lack of means. Since its creation, in 2016, the project had attracted more than 13 billion euros in capital, loans and subsidies. The European Investment Bank, the German government, not to mention Quebec, had supported, in addition to its main shareholders, Volkswagen and Goldman Sachs.
“Advance towards an” battery airbus “”
But Northvolt has sinned by excessive ambition and lack of industrial efficiency. Delays and additional costs in the rise of its gigafactory of Skelleftea, in the north of Sweden, ended up scareing off orders and, ultimately, investors, even though the duriest seemed to be made.
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