Northvolt Unit Files for Bankruptcy as Expansion Plan Halted (3)

Northvolt AB sought bankruptcy protection for one of its units in a bid to limit the financial fallout from the troubled battery maker’s now-halted expansion in northern Sweden.

Northvolt Ett Expansion AB was managing construction of the project at its flagship plant in Skelleftea, according to a statement on Tuesday. The company said last month it was suspending the build-out as it confronts a deepening liquidity crisis.

Northvolt’s Skelleftea site in Sweden.

Source: Northvolt AB

“We have been working for several weeks to find another solution,” a Northvolt spokesman said in an email. “Unfortunately, this has not been successful, and therefore we have filed for bankruptcy for ...