Northvolt CEO Resigns After EV Battery Maker Files For Bankruptcy Protection
Handout undated photo of Northvolt Ett facility. The chief executive of Northvolt has resigned, after the Swedish battery startup filed for bankruptcy protection in the US. Peter Carlsson, who has led Northvolt since 2016, will step aside with immediate effect, the company said on Friday. Carlsson said Northvolt, which is widely seen as a leading player in European efforts to build an electric vehicle battery industry, needs to raise between $ 1bn and $ 1.2bn in order to restore the business. Northvolt has built a factory in northern Sweden where it hopes to use green energy to produce hundreds of thousands of EV batteries each year. It was the most prominent of a host of European startups hoping to challenge the dominant Asian battery industry. However, the company has tipped into crisis in recent months as cash ran dry and it experienced problems getting its first factory up and running properly. Northvolt on Thursday announced it would seek Chapter 11 bankruptcy protection in the US after talks over rescue
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