Press release -
Subsidiary company managing Northvolt's Ett expansion project files for bankruptcy
- Work at the expansion project has already been suspended and Northvolt is engaged with suppliers and contractors
- Filing for bankruptcy relates only to the subsidiary company Northvolt Ett Expansion AB
Following the decision to suspend the Northvolt Ett Expansion project, Northvolt AB's subsidiary Northvolt Ett Expansion AB (hereinafter referred to as Ett Expansion AB) – which has no direct employees and is managing the construction project – has today filed an application for bankruptcy at the District Court of Stockholm. The application was filed due to the financial situation of Ett Expansion AB.
Since announcing suspension of the Ett expansion project on September 23 as part of the Northvolt Group’s rescoping of operations in Sweden, all work at the expansion project has been suspended. All contacts with Ett Expansion AB will from now on be managed by the bankruptcy trustee. Northvolt Group continues to be in dialogue with stakeholders for continued cooperation within Northvolt Group’s ongoing operations.
Ett Expansion AB is one of over 20 different entities within the Northvolt Group and the application for bankruptcy does not relate to any of the other legal entities in the wider Northvolt Group. Looking forward, the Northvolt Group is concentrating its resources towards accelerating production in large-scale cell manufacturing within the fully-built, first phase of Northvolt Ett and delivering on commitments to its automotive customers.
For additional background information on Northvolt’s strategic review and outlines of its revised scope of operations, Northvolt would highlight its earlier press release, ‘Northvolt outlines revised scope of operations in Sweden’ (23 September 2024).
Northvolt was established in 2016 in Stockholm, Sweden. Pioneering a sustainable model for battery manufacturing, the company has received over $50 billion in orders from key customers, including Scania, Volvo Cars and Volkswagen Group. The company is currently delivering batteries from its first gigafactory Northvolt Ett, in Skellefteå, Sweden and from its R&D and industrialization campus Northvolt Labs, in Västerås, Sweden.
