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Sources and links on page 36 (3)
Links embedded in the original report PDF, including citations and other references. These destinations have not been independently reviewed. Links open in a new tab.
- https://www.datocms-assets.com/38709/1684304946-northvolt_sustainability_and_annual_report_2022.pdf?dl=
- https://www.datocms-assets.com/38709/1721213345-sustainability-annual-report-2024.pdf?dl=
- https://www.google.com/url?q=https://www.theinformation.com/articles/the-electric-the-death-of-cuberg-reflects-a-battery-industry-shakeout&sa=D&source=editors&ust=1737422387454305&usg=AOvVaw1Rj46K9BOw55SGgeLWHrFh
Text on page 36
The impact of Northvolt’s Cuberg acquisition has been difficult to assess due to lack of purchase price disclosure until now:
Purchase price (“Cash consideration paid”) was USD$11.2 million cash, USD$14.8 million including debt assumption (“Forgiven notes”) of USD$3.6 million.
Equity (“Shares issued, at fair value”) and earn-out (Earn-out payment”) are non-cash considerations.
Annualized burn rate of USD$6.9 million for 2021 with a headcount of 56.
Total cash losses to Northvolt from the Cuberg acquisition estimated to be USD$78 million from 2021 to 2024 when it was shut down months prior to the bankruptcy announcement.
Cuberg failed to deliver a viable commercial product that could have been a category leader; Cuberg failed to deliver on the promise of ‘drop-in’ li-metal production lines for existing facilities and equipment; Cuberg failed to deliver on its advanced R&D initiative to Northvolt’s broader operations
Cuberg could have played a vital role in Northvolt’s operational success but was an early casualty leading up to bankruptcy. Sources: Northvolt sustainability reports 2022, and 2023, and PitchBook. Exchange rate on March 10, 2021 1 SEK = 0.11791 USD
Extracted from the PDF; charts and images may read imperfectly.
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