Northvolt AB, a Swedish electric-vehicle battery manufacturer, has enlisted the help of financial adviser Houlihan Lokey Inc. to secure funds for a business turnaround.
The company recently filed for bankruptcy protection in the United States, following unsuccessful negotiations with owners, customers, and creditors over several months.
Co-founder Peter Carlsson stepped down as CEO the day after the bankruptcy announcement, marking a significant leadership change.
The challenges faced by Northvolt in the rapidly evolving EV battery market are evident as the company strives to overcome its financial difficulties and stabilize operations.