Swedish electric-vehicle battery maker Northvolt stated on Friday it expects to line up further chapter financing by late January after partaking with over 100 lenders and potential traders.
Northvolt entered chapter on November 21 with a USD 100-million chapter mortgage from Swedish truck maker Scania, a shareholder and its largest buyer. However that mortgage was not supposed to hold Northvolt via its total chapter restructuring, and the corporate has continued to guage proposals for extra financing from strategic and monetary traders.
Northvolt lawyer Jack Luze stated at a Friday court docket listening to in Houston that the corporate had reached out to over 100 potential lenders and traders seeking new financing that may permit Northvolt to finish its restructuring.
Luze stated the corporate intends to current a longer-term financing proposal to U.S. Chapter Decide Alfredo Perez at a court docket listening to on January 28.
Perez granted full approval of Northvolt’s earlier chapter mortgage on Friday, after beforehand permitting Northvolt to entry the primary USD 51 million of the mortgage.
“We’re happy with the outcomes of this listening to, at which we gained ultimate approval of our motions to entry new funding, a constructive step ahead in our restructuring,” a Northvolt spokesperson stated.
Northvolt raised greater than $10 billion in an effort to mass-produce EV batteries and compete with skilled and deep-pocketed Chinese language battery makers. The corporate, which employs round 6,600 employees throughout seven nations, stated it expects to proceed regular enterprise operations whereas it makes an attempt to restructure its money owed in chapter.
