Swedish electric vehicle battery manufacturer Northvolt AB has sought protection under the US Chapter 11 bankruptcy code due to operational challenges.
The company's Interim Chairman, Tom Johnstone, stressed the need for urgent improvements in operational efficiency and financial restructuring.
Northvolt AB has faced difficulties in producing battery cells at the required quality and volume, leading to a significant impact on its cash reserves.
As part of a major leadership change, CEO Peter Carlsson will step down during this critical phase.