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Northvolt CEO Peter Carlsson resigns - Habeck "cautiously optimistic" about Heide factory
After the financially troubled Swedish battery manufacturer Northvolt applied for creditor protection in the USA, company CEO Peter Carlsson has resigned. However, he will remain with the company as a member of the supervisory board and as a leading advisor, Northvolt announced in Stockholm. Carlsson led Northvolt since the company's founding in 2016 and is one of the co-founders of the company.
On Thursday evening, Northvolt filed for a restructuring process pursuant to Chapter 11 of the US bankruptcy law. With this, the battery producer aims to protect itself from creditors' claims while reorganizing and fighting for its future as an independent company. According to company information, the German Northvolt subsidiary is financed independently of the parent company and is not part of the Chapter 11 process. The construction project in Heide, Schleswig-Holstein, remains a strategic pillar, Northvolt stated.
Carlsson: Good Time for a Leadership Change
A significant new phase is beginning for Northvolt and for him personally, Carlsson was quoted in a company statement. The Chapter 11 filing provides the company with a time period in which it can reorganize, ramp up operations, fulfill obligations to customers and suppliers, and ultimately position itself for the long term. Therefore, it is a good time for him to hand over business to the next generation of leadership.
The company's management is now set to consist of CFO Pia Aaltonen-Forsell and the new Chief Operations Officer Matthias Arleth, who will also be supported by Scott Millar as a so-called Chief Restructuring Officer. Northvolt has already initiated the search for a new CEO, the company said.
Habeck "cautiously optimistic"
Federal Economics Minister Robert Habeck expressed cautious optimism about the situation at the Swedish battery manufacturer Northvolt. "Of course, Northvolt has problems," the Green politician told the German Press Agency. The problems mainly consist of the fact that the number of batteries produced at the Swedish factory is not high enough. "But these are technically solvable problems."
The financially troubled Swedish battery manufacturer filed for a restructuring procedure under "Chapter 11" of the US bankruptcy law in the United States on Thursday. "The procedure they have chosen could turn out well," said Habeck. Many companies have already been restructured through it. He is aware of investor interest and hopes that a reorganization will succeed. "We need our own European battery production."
In Heide, it's continuing for now
Regarding the planned factory near Heide in Schleswig-Holstein, Habeck said that it is continuing for now. "If the parent company reorganizes and investors come back in, then the perspective is clearly given and secured." However, the problems must be taken seriously. He is "cautiously optimistic." Northvolt emphasized that the German subsidiary is financed independently of the parent company and is not part of the Chapter 11 process. The construction project near Heide remains a strategic cornerstone.
What will happen to Heide?
With the chosen step, Northvolt wants to protect itself from creditors' claims while struggling for its future as an independent company. The step enables access to new sources of financing, the company stated. 100 million US dollars will be provided by a client company as a kind of bridge financing. In addition, Northvolt will have access to approximately 145 million US dollars from lenders (so-called cash collateral).
Northvolt has long been considered a great hope for the European automotive industry regarding battery production for electric cars. The largest shareholder of the company is the German car manufacturer Volkswagen. Other owners include the US investment bank Goldman Sachs and BMW.
Translated automatically from German.
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