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(Reuters) – It’s been a brutal year to be in the battery metals business. Prices of lithium, nickel and cobalt collapsed in 2023 and have continued grinding steadily lower over the course of 2024. A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite …
Electric Dreams Turn into a Nightmare for Battery Metals Read More »
Started clock ticking on Chapter 11 filing by EV battery maker For Northvolt AB, the Swedish startup that became a poster child for Europe’s electric-driving future, the route to collapse started in June when BMW AG cancelled a multi-billion-dollar order. Back then, few saw the significance of the move, which effectively started a countdown that would culminate …
Looking Under the Hood: Northvolt Collapse Countdown Started with BMW Order Cancellation Read More »
Summary Northvolt co-founder urges EU not to give up EV battery dream Firm has filed for bankruptcy protection, needs $1.0-$1.2 bln EU hopes hit by weak EV sales, production issues, China strength (Reuters) – Northvolt’s financial collapse deals a blow to Europe’s plan to set up its own battery industry to power electric cars, stirring …
Northvolt Crisis May be Make or Break for Europe’s EV Battery Ambitions Read More »
Worked with Elon Musk at Tesla before heading up Swedish EV battery maker Bloomberg News Northvolt AB chief executive Peter Carlsson is stepping down as the Swedish battery maker embarks on a restructuring under bankruptcy court protection. Carlsson, a co-founder of Northvolt, has led the electric-vehicle supplier since its inception in 2016. He raised billions …
Northvolt CEO Peter Carlsson Quits After Bankruptcy Filing Read More »
Company failed to secure a lifeline for its battery-cell business in a faltering market for electric vehicles Bloomberg News Northvolt said its main factory will operate as usual during the reorganization. “The company will continue to make deliveries to customers, while fulfilling obligations to critical vendors and payment of wages to employees,” according to the …
Northvolt Files for Bankruptcy in Blow to Battery Hopes Read More »
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 …
Northvolt Hires Restructuring Expert to Oversee its Main Factory Read More »
(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 …
Electric Vehicles Prove a Bumpy Ride for Battery Metals Read More »
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 …
Northvolt Closes in on $300 Million Rescue Package to Stay Afloat Read More »
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 …
(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 …
U.S. to Award $3 Billion to 25 Projects for Battery Manufacturing Sector Read More »
