Northvolt Subsidiary Files for Bankruptcy Amid Expansion Halt

Swedish battery maker Northvolt announced that its subsidiary, Northvolt Ett Expansion AB, has filed for bankruptcy. The unit was responsible for expanding the group's gigafactory in northern Sweden, a project that has now been cancelled. Northvolt continues to negotiate with stakeholders for ongoing operations.

Swedish battery manufacturer Northvolt disclosed on Tuesday the bankruptcy of one of its subsidiaries, Northvolt Ett Expansion AB, which was involved in expanding their northern Sweden gigafactory.

The planned tripling of capacity at the facility has been officially scrapped, as confirmed by the company in a recent statement.

Ongoing communications with stakeholders suggest that Northvolt is focused on sustaining its ongoing operations despite the financial setback.

(With inputs from agencies.)