A part of Northvolt’s German division has applied for restructuring, a spokesperson for the insolvent Swedish battery cell maker said on Friday, confirming a report in weekly magazine Der Spiegel.
The affected division is Northvolt Germany TopCo GmbH while the entity in charge of building Northvolt’s German plant in Heide is still running, with construction still ongoing, the spokesperson said.
Germany’s former Economy Minister Robert Habeck earlier this year said he was hopeful that new investors for the Heide plant would be found.
Northvolt in March filed for bankruptcy in Sweden, marking one of the country’s largest corporate failures and effectively ending Europe’s best hope of developing a rival to challenge China.
reuters.com
