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Northvolt Hires Restructuring Expert to Oversee its Main Factory

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Several investors have already dropped out of Northvolt’s rescue talks Bloomberg News Sweden’s Northvolt AB hired restructuring expert Paul O’Donnell to oversee its main factory unit, as time runs short for the struggling battery maker to mend its finances outside of bankruptcy court. O’Donnell, who has helped Thames Water engage with creditors, will become chairman of Northvolt …

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Electric Vehicles Prove a Bumpy Ride for Battery Metals

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(Reuters) – Electric vehicles (EVs) were supposed to supercharge demand for metals such as lithium, nickel and cobalt. Yet prices for all three EV battery inputs have fallen to such bombed-out levels that producers are curtailing output and deferring new projects. This is partly a problem of oversupply. Explosive price rallies in 2021 and 2022 …

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Northvolt Closes in on $300 Million Rescue Package to Stay Afloat

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Combination of shareholders, lenders and customers are participating in the bridge funding Bloomberg News Northvolt AB is closing in on a US$300 million rescue package that includes debt and equity, according to people familiar with the matter, buying time for the cash-strapped Swedish battery maker to stabilize production and line up longer-term financing. A combination of …

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Northvolt to Cut 20% of Global Staff, Placing Europe’s EV Battery-Making Ambitions at Risk

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Struggling to ramp up production as demand for electric vehicles slows Bloomberg News Workers gather at a food truck in the snow at the Northvolt AB plant in Skelleftea, Sweden, on Thursday, Feb. 17, 2022. Photo by Mikael Sjoberg /Bloomberg Sweden’s Northvolt AB will shed 20 per cent of its global workforce and pause its expansion plans to slow …

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U.S. to Award $3 Billion to 25 Projects for Battery Manufacturing Sector

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(Reuters) – The U.S. Energy Department said Friday it plans to award $3 billion to 25 battery manufacturing sector projects in 14 states as the Biden administration works to shift the supply chain away from China. The projects will increase domestic production of advanced batteries and battery materials and follows the adoption of U.S. EV …

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Texas, California Top U.S. Power Sector’s Battery Pipeline

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By Gavin Maguire Image: REUTERS/Mike Blake P LITTLETON, Colorado, Sept 11 (Reuters) – California and Texas lead the national charge on grid-scale power sector battery systems, accounting for 72% of the battery networks currently in operation and around 65% of the battery development pipeline. California has the largest footprint of currently deployed utility batteries, with roughly 9,920 …

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China’s Global Battery Ram Will Be Hard to Stop

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By Katrina Hamlin HONG KONG, Sept 6 (Reuters Breakingviews) – China’s electric cars have zoomed into a new era of battery-powered driving. Now models such as BYD’s (002594.SZ) Seal and Great Wall Motor’s (601633.SS) Funky Cat face an international backlash. The U.S. is quadrupling duties on imports of electric vehicles from the People’s Republic to …

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U.S. Energy Storage Surge Will Reward Market-Savvy Developers

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By Mark Shenk Industry Insight from Reuters Events, a part of Thomson Reuters. Summary Falling costs and federal tax credits have improved the economics of large-scale battery storage but a busy market brings grid, permitting and supply chain risks. U.S. utility-scale battery deployment is surging as developers seek to secure tax credits introduced in the 2022 …

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U.S. Electric Utilities Turn to Batteries to Shift Power from Low-Price to High-Price Periods

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(Reuters) – Electric utilities in the U.S. are increasingly turning to batteries to shift power from periods of low prices to high-priced ones, according to an analysis from the U.S. Energy Information Administration. The strategy, referred to as arbitrage, involves utilities charging batteries by buying electricity during low-cost periods and then selling that electricity when …

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Lithium Battery Factory Fire in South Korea Kills 22, Mostly Chinese Migrant Workers

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The fire began after batteries exploded while workers were examining and packaging them Firefighters work to extinguish a fire at a lithium battery factory in Hwaseong on June 24, 2024. PHOTO BY YONHAP / AFP SEOUL, South Korea — A fire likely sparked by exploding lithium batteries swept through a manufacturing factory near South Korea‘s capital on Monday, killing …

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