Northvolt's Battery Blues: Chapter 11 Shock

On November 21, 2024, Swedish battery giant Northvolt AB filed for Chapter 11 in the US, juggling a hefty $5.84 billion debt with just $30 million in cash. Despite slashing 20% of jobs and losing BMW’s $2 billion order, they'll keep their Skellefteå factory humming. With access to $245 million in new financing, Northvolt seeks investors to recharge. Interim chairman stays optimistic, proving that even in a shaky EV market, a spark of hope remains.