Swiss industrial group ABB Ltd. has reportedly decided not to provide additional financing to struggling battery manufacturer Northvolt AB.
Sources familiar with the situation, who requested anonymity, indicated that ABB, a minority shareholder in Northvolt, will not participate in further funding efforts.
Northvolt is currently in urgent discussions to secure a $300 million bailout to maintain operations.
These negotiations involve contributions from various stakeholders, including shareholders, lenders, and customers, and are said to be in the final stages.
The company is racing against time to stabilize its financial situation amid ongoing challenges in the battery market.