STOCKHOLM: The owners of Swedish electric vehicle (EV) battery maker Northvolt today voted in favour of continuing operations while it seeks to sort out its finances, the company said in a statement.
Northvolt went in a matter of months last year from being Europe’s best shot at a home-grown EV battery champion to seeking Chapter 11 bankruptcy protection, hobbled by production problems and as funding ran out.
The company’s owners, which include Volkswagen and Goldman Sachs, met in Stockholm today to vote on whether to liquidate the company or allow the Chapter 11 restructuring to continue.
“This is a positive outcome that demonstrates the support of our shareholders as we seek to realise our ambition and maximise our value,” the company said in an emailed statement after the meeting.
“Northvolt continues to make progress in the restructuring process while ramping production and executing on its transformation,” it added.