Northvolt AB has named Paul O"Donnell as chairman of its subsidiary, Northvolt Ett AB, which oversees its main battery manufacturing facility in Sweden.
The company is currently facing financial challenges and is reportedly struggling to secure $300 million in emergency funding.
O"Donnell, who has experience in creditor engagement from his work with Thames Water, will be responsible for guiding the battery maker through this critical period and helping it stabilize its operations to avoid bankruptcy.
This situation highlights the ongoing difficulties faced by battery manufacturing companies, especially those that rely on significant capital for growth and production.