The Swedish startup filed for Chapter 11 bankruptcy protection in a Texas court on Thursday. The company and its subsidiaries, including those in California, Texas and Poland, owe its creditors between US$1 billion to US$10 billion, according to the filing. (The Logic)
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The Swedish startup filed for Chapter 11 bankruptcy protection in a Texas court on Thursday. The company and its subsidiaries, including those in California, Texas and Poland, owe its creditors between US$1 billion to US$10 billion, according to the filing. (The Logic)
Talking point: Northvolt’s finances have unraveled publicly over the last several months. Its prospects matter to Canada because of the gigafactory the company plans to build outside Montreal. The project is a key part of the country’s EV supply chain hopes and the recipient of federal and provincial subsidies. Northvolt also counts the Investment Management Corporation of Ontario and the Canada Pension Plan Investment Board among its investors. In a statement, the company re-affirmed its commitment to construct its battery factory in Quebec, and said it is continuing to pay suppliers and workers there. Spokesperson Laurent Therrien said the Quebec factory is funded entirely through Northvolt North America, which is excluded from the U.S. bankruptcy filing and is not planning to file for bankruptcy in a separate process.
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