An EV battery maker that raised $15 billion from investors including Goldman Sachs filed for bankruptcy protection after almost running out of cash

By Business Insider | Nov 22, 2024 at 05:46 AM EST

Northvolt, a battery company founded by former Tesla executives, filed for Chapter 11 bankruptcy protection due to production struggles. Despite $5.8 billion in debt, it secured an extra $245 million in funding to continue operations and restructure debt. CEO Peter Carlsson will step down.

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