Sweden Seizes Some of Northvolt’s Cash Despite US Bankruptcy (1)

Sweden’s debt-collection authority seized some cash from battery maker Northvolt AB’s bank accounts, acting on behalf of local creditors left stranded by the company’s US bankruptcy filing.

The move by Sweden’s Enforcement Authority squeezes the EV supplier’s access to funds, even as Northvolt works to raise more money and increase battery-cell production under the protection of Chapter 11.

The US procedure “has no effect on our work,” said Sami Lundqvist, section manager at the authority in Skelleftea, where Northvolt has its main plant. “If there is debt we will continue to collect it.”

The NorthVolt Ett AB plant in Skelleftea, Sweden.

Photographer: Mikael Sjoberg/Bloomberg

The seizures shine ...