DN: Battery Company Northvolt may apply for bankruptcy on Wednesday

Swedish Battery company Northvolt may go bankrupt on Wednesday morning if the company does not receive new capital before that, says two independent sources Swedish magazine Dagens Nyheterille.

According to the newspaper, the bankruptcy threat applies to all the activities of the company in Sweden. The company’s board of directors is expected to make a decision on the company’s future on Tuesday evening or early Wednesday morning.

Northvolt has been in financial and other difficulties for a long time. There have been bottlenecks in production and the company has made a loss. Safety deficiencies and serious problems have also been reported. Plans for the construction of the new factory in Borlange were canceled and investment abroad was suspended.

In September, the company announced the massive redundancies of 1,600 employees. At the turn of the year resigned the CEO Peter Carlsson.

In November, Northvolt applied for corporate reorganization in the United States. Since then, the losses have continued. The last staple in the company’s coffin may be tomorrow, March 12, taxes, DN writes.