Northvolt Seeks Urgent Financing Amid Financial Struggles

The Swedish battery maker is negotiating for funds to continue its gigafactory project in Germany.

Northvolt is in ongoing negotiations to secure short-term financing as it faces financial difficulties.
The EU has approved €902 million in aid for Northvolt's gigafactory project in Heide, Germany, with additional support from the German government.
A temporary liquidity loan of €600 million from KfW Bank is being used to boost Northvolt's equity, which must be repaid with interest.
Northvolt has announced the layoff of approximately 1,600 employees in Sweden and has paused several expansion plans.
Despite financial challenges, Northvolt remains committed to its gigafactory project in Schleswig-Holstein, Germany.