Jersey northvolt battery

Who makes Northvolt batteries?

Northvolt manufactures lithium-ion battery cells used for electric vehicles and stationary storage. Volkswagen Group is its largest shareholder after an investment of roughly $1 billion.

Is Northvolt a homegrown EV battery champion?

A partner of major European automakers, Northvolt produces lithium-ion batteries for the blooming electric vehicle industry, which has recently been rocked by intensifying competition from the likes of China. The Stockholm-based business has long been regarded as Europe’s best hope of building a homegrown EV battery champion.

How many batteries does Northvolt produce a year?

However, Northvolt said in its bankruptcy filing that it currently can produce 300,000 batteries per year. Get the best news, reviews, columns, and more delivered straight to your inbox.

Why did Northvolt file for bankruptcy?

Beleaguered Swedish battery manufacturer Northvolt announced on Thursday that it was filing for bankruptcy in the U.S., striking a blow to Europe’s ambitions for homegrown lithium-ion batteries. The company reportedly chose Chapter 11 in an effort to right its finances.

Will Northvolt fight China's EV battery supremacy?

The company was hailed as one of Europe's biggest hopes against China's EV battery supremacy. Northvolt's financial situation deteriorated in a matter of months. Swedish-based Northvolt, which was seen as one of Europe’s best shots at fighting off China’s electric vehicle battery supremacy, filed for bankruptcy yesterday.

Does Northvolt have a liquidity problem?

"Northvolt's liquidity picture has become dire," the company said in its Chapter 11 petition, filed in U.S. Bankruptcy Court in Houston. The company, which has operations in California, has about $30 million of cash, which can support its operations for only about a week. It has $5.8 billion in debts.