Northvolt CEO steps down, saying group needs up to $1.2 billion

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Northvolt CEO steps down, saying group needs up to $1.2 billion - Channel News Asia

Quick Summary:

COPENHAGEN :Northvolt's CEO and co-founder Peter Carlsson is stepping down, the Swedish maker of battery cells for electric vehicles said on Friday, one day after the group filed for U.S.

The lithium-ion battery maker said on Thursday it only had cash to support operations for about a week, and that it had secured $100 million in new financing for the bankruptcy process to allow them to continue.

The Chapter 11 filing allows a period during which the company can reorganise and ramp up operations while honouring customer and supplier commitments, and ultimately position itself for the long term, he said.