Northvolt subsidiary files for bankruptcy

OSLO (Reuters) -Swedish battery maker Northvolt said on Tuesday that one of the group's subsidiaries had filed for bankruptcy, while the rest of the cash-strapped group continued to consolidate its operations.

The bankrupt unit, Northvolt Ett Expansion AB, had been responsible for a planned tripling of capacity at the group's gigafactory in northern Sweden, but the board last month cancelled the project.



"All contacts with Ett Expansion AB will from now on be managed by the bankruptcy trustee," the group said in a statement.

"Northvolt Group continues to be in dialogue with stakeholders for continued cooperation within Northvolt Group's ongoing operations," it added.

Source: Investing.com