Northvolt AB, a Swedish EV battery and energy storage manufacturer, and the company's subsidiaries have voluntarily filed for Chapter 11 reorganization in the US Bankruptcy Court for the Southern District of Texas.

The reorganization will allow Northvolt to access approximately USD 145 million in cash collateral and USD 100 million in debtor-in-possession financing from an existing customer. The company expects to complete the restructuring process by Q1 2025.

During the reorganization, Northvolt will continue normal operations at its flagship battery gigafactory in Skellefteå and Northvolt Labs in Västerås, Sweden. Financed separately, its German and North American subsidiaries will operate outside the Chapter 11 process.

Analyst QuickTake: This reorganization follows Northvolt’s recent restructuring in September 2024 , when the company cut 1,600 jobs across three sites, representing 20% of its global workforce. Following this, Northvolt's subsidiary, Northvolt Ett Expansion, filed for bankruptcy in October 2024 .