Northvolts subsidiary files for bankruptcy

The bankruptcy follows the cancellation of the Northvolt Ett Expansion development project in Skellefteå, Sweden, as part of the new strategy launched in September to save the core business of Northvolt, the battery production that has started but has not yet managed to get off the ground as planned. At the same time, 1,600 employees were made redundant.

The development company Ett Expansion AB has no employees, but is a development company for the expansion in Skellefteå. The bankruptcy application to the Stockholm District Court states that the company is insolvent, but no more information about it.

According to the business newspaper Dagens Industri, there are probably large debts to suppliers because the company is running a large construction project.

"I have been given the impression that there are external debts in the order of SEK 1.5-2.0 billion," says bankruptcy trustee Jonas Premfors, to Dagens Industri.

Ett Expansion AB is one of over 20 companies in the Northvolt Group. The bankruptcy does not affect the other companies in the group, and does not affect other operations.

Lennart Håkansson

editor@northswedenbusiness.com