Things are deteriorating rapidly for electric vehicle (EV) battery developer Northvolt. On 21 November 2024, just days after rumours that it was on the brink of bankruptcy, the company officially filed for Chapter 11 in the US. The day after, company founder Peter Carlsson formally resigned as Chief Executive. He will remain at the company both on the Board and as a Senior Advisor.
“Today marks a significant new phase for Northvolt as well as for me personally,” Carlsson said in an official press release. “The Chapter 11 filing allows a period during which the company can be reorganised, ramp up operations while honouring customer and supplier commitments, and ultimately position itself for the long-term. That makes it a good time for me to hand over to the next generation of leaders.” A replacement Chief Executive has not yet been named.