Following Northvolt’s bankruptcy filing, administrators are working to secure buyers for different divisions of the company. On May 22, bankruptcy administrator Mikael Kubu confirmed that negotiations are under way with multiple parties, although progress varies by business unit. While several assets of Northvolt Systems have already been sold, Northvolt Ett’s battery cell operations in Skellefteå face a full shutdown. Kubu indicated that, despite ongoing due diligence, there is little prospect of restarting production there and that cell manufacturing is scheduled to wind down entirely by June 30.
At the same time, truck manufacturer Scania— which last month assumed control of Northvolt’s industrial division—has expressed interest in acquiring Northvolt’s research and development center in Västerås, known as Northvolt Labs. In an interview with the Financial Times, Scania CEO Christian Levin said the company is in talks with potential partners, including the Swedish government and the European Commission, to form a consortium capable of financing the Västerås acquisition. ‘‘We’re trying to form a consortium that could co-finance the deal, but we can’t do it on our own. It’s simply too much even for a large company like us,’’ Levin told the FT.
Northvolt has invested more than $750 million in the Västerås facility, which has served as a hub for battery technology development and product innovation. If a suitable consortium emerges, Scania hopes to preserve the site’s technical expertise even as cell production in Skellefteå ceases. When asked by Swedish broadcaster SVT to identify other interested bidders, Kubu declined, stating, ‘‘We never comment on who may be interested in acquiring a business from a bankruptcy estate.’’
As the June 30 wind-down date approaches for Skellefteå, the fate of the Västerås R&D operations may hinge on the ability of Scania and potential co-investors to finalize a takeover plan.
Source: Norran
