Directory profiles · Battery Business Directory
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Sources and links on page 34 (12)
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- https://www.greencarcongress.com/2024/06/20240621-bmw.html#:~:text=BMW%20has%20cancelled%20a%20long,developing%20next%2Dgeneration%20battery%20cells.
- https://www.reuters.com/technology/swedens-northvolt-setbacks-trigger-strategic-review-2024-07-02/
- https://northvolt.com/articles/subsidiary-filing/
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- https://www.reuters.com/technology/northvolt-ceo-steps-down-2024-11-22/
- https://theevreport.com/northvolt-chapter-11-new-financing-secured
- https://www.reuters.com/business/goldman-funds-take-900-million-hit-northvolt-ft-reports-2024-11-23/
- https://ceoworld.biz/2024/12/03/northvolt-appoints-markus-dangelmaier-as-ceo-amid-financial-restructuring/
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Text on page 34
Unpacking The Timeline Of Northvolt’s Bankruptcy Proceedings On November 21st, Northvolt AB filed for chapter 11 bankruptcy protection. The company remains in operation as the stakeholders continue to work through a resolution CORPORATE STRUCTURE
BMW canceled order for EUR2bn of batteries
Northvolt’s subsidiary ETT Expansion(3) files for bankruptcy $300mm provide by undisclosed investors to Northvolt AB as rescue financing to give more time to stabilize the company
Appoints Markus Dangelmaier as CEO of Northvolt ETT
Northvolt AB files for Chapter 11 bankruptcy. Liquidity situation becomes dire with just a few weeks of liquid assets Peter Carlsson steps down as CEO $100mm in debtor-in-possession financing secured Goldman Sachs Asset Management writes off ~$900mm investment in Northvolt
NOVEMBER
NORTHVOLT AB Non-recourse / Limited recourse subs Northvolt ETT AB
Northvolt Drei
$5bn non-recourse PF green loan(1)
EUR900mm in subsidies from German government
Marketing medium term financing to provide runway after restructuring. Northvolt owners vote to stay operating while seeking financial rescue Norsk Hydro to buy remaining shares in battery recycler from Northvolt
Debt Structure(2)
Northvolt ETT Expansion AB
> 20 Other Entities
Equity Ownership(2)
JANUARY 2025 Sources: Bloomberg, company releases, Debtwire Debt structures estimates per Bloomberg (01/19/2024) and company notices (1) non-recourse indicates that in the event of default at the entity level, the lender do not have the authority to pursue collateral from the parent company ( Northvolt AB); (2) Per of the 2023 annual report filing; (3) Northvolt's flagship battery gigafactory located in Skellefteå, Sweden
Other
JUNE 2024
DECEMBER
Entity
Announced strategic review of business
OCTOBER
Notable Financing
JULY
Extracted from the PDF; charts and images may read imperfectly.
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