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☆ An EV battery maker that raised $15 billion from investors including Goldman Sachs filed for bankruptcy protection after almost running out of cash
▼ + stars: | 2024-11-22 | by ( Will Martin | ) www.businessinsider.com time to read: +2 min

AdvertisementEV battery maker Northvolt has entered Chapter 11 bankruptcy protection, it said on Thursday. Northvolt said it had secured an extra $245 million in funding as part of the bankruptcy deal. Northvolt, the battery company founded by two former Tesla executives, has filed for Chapter 11 bankruptcy protection after struggling to ramp up production. AdvertisementFounded in 2016 by Carlsson and Paolo Cerutti, Northvolt aimed to revolutionize battery manufacturing but has struggled in recent months. In June, BMW pulled out of a $2.1 billion order for battery cells for its EVs, citing delays to deliveries.

Persons: Northvolt, Goldman Sachs, Tom Johnstone, Peter Carlsson, Carlsson, Paolo Cerutti, Ford Organizations: EV, Tesla, JPMorgan, Microsoft, BMW Locations: Swedish, Sweden, Skellefteå, Europe

☆ Battery giant Northvolt to cut 25% of workforce in Sweden as part of a major cost-cutting drive
▼ + stars: | 2024-09-23 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Battery maker Northvolt on Monday announced plans to cut a total of 1,600 jobs in Sweden as part of a major cost-cutting drive. The strategic action requires Northvolt to reduce its global workforce by around 20% and a 25% reduction in Sweden, the firm said. Northvolt, which currently delivers batteries from its first gigafactory Northvolt Ett in Skellefteå, said in March that it had over 6,000 employees. The announced measures come as part of a broader strategic review and in response to what Northvolt described as "a challenging macroeconomic climate." Based in Stockholm, Sweden, Northvolt is one of Europe's most valuable privately-held tech firms that builds lithium-ion batteries for the electric vehicle industry.

Persons: Northvolt, Peter Carlsson, Carlsson, — CNBC's Ryan Browne Organizations: Office, Monday, Volkswagen, Volvo Locations: Northvolt, Sweden, Skellefteå, Stockholm

☆ Battery giant Northvolt to lay off staff in huge cost-cutting drive amid EV market slowdown
▼ + stars: | 2024-09-09 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Northvolt, a key battery producer for Europe's electric vehicle industry, announced Monday that it plans to cut jobs, shut down one of its sites, and enter into discussions with partners and investors to secure the future of a facility in Poland. Based in Stockholm, Sweden, Northvolt is one of Europe's most valuable privately-held tech firms that builds lithium-ion batteries for the electric vehicle industry. The battery maker cited a "challenging macroeconomic environment and our subsequent reassessment of Northvolt's near-term priorities" as the key reasons behind its decision to embark on the cost-cutting drive. Northvolt has faced a litany of pressures in recent months — not least the demand challenges facing the broader electric vehicle industry. BMW said at the time that the deal had been cancelled due to Northvolt being unable to deliver on time.

Persons: Northvolt, Peter Carlsson Organizations: Volkswagen, Volvo, Alternative Fuels, BMW, EV Locations: Poland, Stockholm, Sweden, Europe

☆ Veterans from Tesla, Northvolt hatch plan to mass-produce huge batteries to store solar and wind energy
▼ + stars: | 2023-10-04 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +11 min

The mountains of Colorado in the background inspired the name of the company, Peak Energy. We're completely the opposite," Cameron Dales, president and chief commercial officer of Peak Energy, told CNBC in a video interview Friday. 1 issue we face as it relates to expanding renewable energy sources is storage," Reichow told CNBC. "We're running a playbook which I and the rest of the executive team initially demonstrated and deployed at Northvolt," Mossburg told CNBC. "Landon and I worked together at Tesla and I know what he's capable of delivering," Reichow told CNBC.

Persons: Cameron Dales, Landon Mossburg, We're, Greg Reichow, Reichow, Ryan Gibson, Aidan Madigan, Curtis, Cameron, Mossburg, Northvolt, Peter Carlsson, Rho Kana, Enovix, Anil Achyuta, Landon, Tesla, Cam, It's, Alun Thomas, Dales Organizations: Peak Energy, Energy Battery, Energy, CNBC, Eclipse, Tesla, TDK Ventures, United States Energy Information Administration, Eclipse Venture, Cameron Dales, US, Dales, Symyx Technologies, Northvolt, Ford, Manufacturing Engineering, Panasonic Locations: Colorado, Silicon, Tokyo, San Francisco, Northvolt, Sweden, Cameron Dales, Fremont , Calif, Fremont , California, Penang, Malaysia, China, United States, U.S, Nevada, Enovix

☆ Northvolt, a $12 billion startup founded by an ex-Tesla VP, thinks crushing and shredding old batteries is the way to make electric vehicles truly sustainable
▼ + stars: | 2023-04-03 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +8 min

NorthvoltHow Northvolt's process worksNorthvolt's recycling process, which was dreamed up in 2018 and planned and tested in the following years, involves crushing, shredding, and filtering dismantled batteries. Northvolt is left with a black powder called black mass, which contains nickel, manganese, cobalt, and lithium. Once Northvolt's latest venture, Revolt Ett, is up and running at full capacity, it's expected to recycle 125,000 tons of battery materials each year. Cylindrical cells; shredded pieces of steel, copper, aluminium, plastic, and black mass from mechanical recycling; black mass; and a mix of nickel, manganese, and cobalt sulfates. The Hydrovolt pilot runs Northvolt's recycling process up to the black-mass stage.

☆ The U.S. stock market keeps beating Europe in new listings. And it's no fluke
▼ + stars: | 2023-03-14 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

People clap during the ringing of the closing bell at the New York Stock Exchange. The United States is more attractive than European exchanges for new listings and there is not much that Europeans can do to change that, analysts told CNBC. Both examples highlight how the U.S. stock market is more attractive to the corporate world. Roger Jones, head of equities at London and Capital, told CNBC there are two main reasons why this is the case. "Sellers or listers can get better prices in the U.S. which still trades on significantly higher valuations than Europe.

☆ Goldman-backed battery firm Northvolt earmarks next quarter for U.S. factory announcement
▼ + stars: | 2023-02-21 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

A Northvolt building in Sweden, photographed in February 2022. Mikael Sjoberg | Bloomberg | Getty ImagesSKELLEFTEA, Sweden ꟷ Battery firm Northvolt will outline details of a new manufacturing plant in the U.S. before the start of the summer, CEO Peter Carlsson told CNBC Tuesday. The Swedish company has been reevaluating some of its investment decisions in light of the U.S. Inflation Reduction Act — often referred to as IRA. "I would be surprised if we have not done an announcement by latest in Q2 [second quarter]," he said. A worker walking past the coating ovens section at the Northvolt Ett factory in Skelleftea, north Sweden.

☆ Northvolt says 'believes in Germany', battery plant talks ongoing
▼ + stars: | 2023-01-18 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

BERLIN, Jan 18 (Reuters) - Northvolt believes in Germany as an industrial location and continues discussions on building a battery plant there, it said on Wednesday amid speculation that the Swedish battery maker could divert its planned investment to the United States. There are certain requirements in order to make this feasible in competition with the United States," Nicolas Steinbacher, Head of Strategy and Program for Northvolt in Germany, said at a battery conference in Berlin. "We are working together with the government in a spirit of trust to solve these challenges," he added. The company is holding fortnightly citizen consultations in Heide in northern Germany, where it signed a memorandum of understanding with the state of Schleswig-Holstein in 2022 for a possible battery plant. Reporting by Victoria Waldersee; Editing by Christoph Steitz and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ 7 up-and-coming battery makers vying for the $370 billion electric commercial vehicle business
▼ + stars: | 2022-12-22 | by ( Andrew Moseman | ) www.businessinsider.com time to read: +6 min

The global electric commercial vehicle market is expected to top $370 billion in annual revenue by 2030. With a flood of new battery-powered autos set to transform the business of building passenger vehicles, it was natural that commercial vehicles would be next. The global electric commercial vehicles market is expected to surpass $370 billion in annual revenue by 2030, according to Guidehouse Insights. It also has its toes deep into electric mobility, building batteries not only for EVs but also electric buses, boats, and trucks. Now, through internal changes and acquisitions, BorgWarner is positioning itself for the electrified future, especially as that future comes to commercial vehicles.

But a new U.S. law offering hefty subsidies to local manufacturers of green technology has given the company pause for thought. That is roughly four times what the German government is offering, he said, with cheaper energy prices in the United States on top. The act introduces tax credits related to investment in green technology, plus tax breaks for consumers buying an electric vehicle or other green product made in North America. German carmakers and suppliers, for which the United States is a main export market, are among its biggest victims. "If we don't do anything, a lot will emerge in the United States," said Siemens Energy (ENR1n.DE) Chief Executive Christian Bruch.

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