Sweden's Northvolt setbacks trigger strategic review
World
Sweden's Northvolt setbacks trigger strategic review
STOCKHOLM (Reuters) - Swedish lithium-ion battery manufacturer Northvolt said on Tuesday it was conducting a strategic review, as it grapples with a series of setbacks.
Northvolt has for years been considered a pioneer in battery cell production in Europe, at a time when many are looking to source its batteries away from China, but in recent months it has suffered a series of negative developments.
Its chairperson also recently left due to health problems.
"A strategic review is underway at Northvolt, to be concluded in the autumn, involving evaluation of timelines and capital allocation to ensure we are pursuing the most effective build-out of capacity possible," it said in a statement on Tuesday.
Chief Executive Peter Carlsson said in an interview with business daily Dagens Industri on Tuesday Northvolt - which has raised billions of dollars and is mulling an initial public offering of its shares - would consider putting the brakes on planned plants in Heide in Germany and Montreal in Canada.
