{"id":18071,"date":"2025-02-01T22:11:25","date_gmt":"2025-02-01T18:11:25","guid":{"rendered":"https:\/\/gbc1.net\/?p=18071"},"modified":"2025-02-03T22:22:02","modified_gmt":"2025-02-03T18:22:02","slug":"european-battery-champion-northvolt-gets-negative-charge","status":"publish","type":"post","link":"https:\/\/gbc1.net\/index.php\/2025\/02\/01\/european-battery-champion-northvolt-gets-negative-charge\/","title":{"rendered":"European Battery Champion Northvolt Gets Negative Charge"},"content":{"rendered":"\n

On 31 January 2025, Swedish battery maker Northvolt announced that its co-founder Paolo Cerruti will step down as CEO of its North American division. Karen Chang, who was pivotal in planning the Quebec factory, will serve as interim CEO.<\/p>\n\n\n\n

The leadership reshuffle follows the resignation of the co-founder Peter Carlsson in November 2024, after the company filed for bankruptcy under Chapter 11 of US law. Both Carlsson and Cerruti previously worked at Tesla before joining hands to form Northvolt, which ambitioned to be the European battery manufacturer for #EV<\/a>.<\/p>\n\n\n

\n
\"Rendition
Rendition of Northvolt Factory Being Built in Quebec<\/figcaption><\/figure><\/div>\n\n\n

The bankruptcy is restricted to US and will not affect the Canadian and German operations. Currently, Northvolt is building a $5 billion gigafactory in Quebec is still ongoing. Canadian federal and Quebec provincial committed USD 1 billion each to support the implementation of the plant.<\/p>\n\n\n\n

Back last November, the Swedish Deputy Minister Ebba Busch stated that the Swedish Government neither not plan to take ownership of Northvolt nor will it inject any money in the company in distress. <\/p>\n\n\n\n

Having to fend for itself, Northvolt sold its stake in a joint venture with Volvo cars as part of its restructuring plan. It also intends to raise another USD 1.29 billion from its key shareholders over the next two years.<\/p>\n","protected":false},"excerpt":{"rendered":"

On 31 January 2025, Swedish battery maker Northvolt announced that its co-founder Paolo Cerruti will step down as CEO 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