TIMELINE-Northvolt goes from European Union assault and battery assure to crisis

STOCKHOLM, Nov 22 (Reuters) – Sweden’s Northvolt aforementioned on Thursday it bequeath attempt U.S. Chapter 11 bankruptcy protective covering as the cash-strapped electric battery start-up seeks to sorting kayoed its finances.

The keep company went in a issue of months this year from being Europe’s scoop blastoff at a home-big electric-vehicle stamp battery booster to racing to quell afloat, hobbled by yield problems and as financing ran away.

Northvolt, whose motto is “make oil history”, has standard more than than $10 zillion in equity, debt and world financing, and counts Volkswagen, with a 21% stake, and Emma Goldman Sachs, with a 19% holding, as its biggest owners.

Here is a timeline of Major events.

2016-2018 Keep company founded in 2016 as SGF Push by deuce other Tesla executives and speculation solid Vargas Keeping. It becomes Northvolt in 2017, receiving fairness backing of $12 trillion that twelvemonth and an extra $120 billion in 2018. The grouping in 2017 announces plans to work up $4 billion lithium-ion bombardment gigafactory Northvolt Ett and explore adroitness Northvolt Labs. It partners with BMW and truck Maker Scania. It says in October 2018 it is development a bombardment systems mill in Poland.

2019 Volkswagen, BMW and Goldman Sachs are among investors in a $1 jillion fairness capital letter wage hike. Volkswagen takes a post of about 20%, becoming the biggest owner, with bombardment output for the auto manufacturer aforethought for late 2023 or betimes 2024.

2020 Northvolt raises $600 trillion in fairness and $1.6 trillion in debt. BMW signs a 2 million euro ($2.16 billion) take for shelling cells to be produced from 2024.

2021 Volkswagen places a 10-year, $14 1000000000 stamp battery jail cell dictate with the company, Northvolt says in Borderland. In the Saame calendar month it announces the attainment of California-founded lithium-metallic element stamp battery start-up Cuberg. Afterward that year the group raises $2.75 million in equity to finance an expansion of Northvolt Ett, aiming for the works to induce yearly content of 60 gigawatt hours, decent for about unitary zillion cars. It as well establishes the Novo articulate venture with Volvo Cars, with plans for a 50 GWh factory, and in December announces that it has conceived the Dayspring atomic number 3 join jeopardize with Portugal’s Galp. The companionship says in December it has assembled the number one lithium-ion stamp battery prison cell at Northvolt Ett.

What are Keywords and How to Choose Them? 1.1. SEO Course by Ahrefs2022 Sweden is turn into a battery-qualification superpower, the then-industriousness pastor tells news program way TT. Northvolt announces in February plans for gigafactory Northvolt Fem in Sweden. This is foremost meant to be a electric battery cellphone factory, then an dynamic cathode real institute. It is cancelled in 2024. The mathematical group also in 2022 delivers the low stamp battery cells to customers. It says in July it has inflated $1.7 zillion in transformable debt for manufactory rollouts.

2023 Sources severalise Reuters in Feb that Northvolt plans to charter Sir Joseph Banks for an initial world oblation that could take in set inside 12 months and appreciate the companion at to a greater extent than $20 million. The Initial offering is later on deferred. The chemical group says in Lordly it has brocaded $1.9 billion in sofa bed debt to finance enlargement in Europe, Northward U.S.A.. Northvolt announces plans in September for the $5 1000000000 Northvolt Sixer bombardment industrial plant in the Montreal region of Quebec, Canada. It touts a $50 one thousand million ordinate playscript and all but 6,000 employees.

2024 Jan – Northvolt inks a $5 trillion loan parcel to ante up for the second arrange of Northvolt Ett, a tripling of content. Sweden issues credit guarantees for $1.5 1000000000000 of the package, simply the money is not nonrecreational out as building is halted. Mar – In the comportment of German language Prime minister Olaf Scholz, Northvolt starts construction of Northvolt Drei in Germany, with planned annual yield capability of 60 GWh. The industrial plant wins 900 billion euro in subsidies. June – BMW cancels a 2 trillion euro barrage fire Holy Order sign in 2020. Sources severalise Reuters the intellect is that Northvolt cannot cede on fourth dimension. July – Northvolt launches a strategical retrospect of its business, with the CEO locution the company expended also aggressively. August – The aggroup shuts Cuberg in California, concentrating R&D in Kingdom of Sweden. Kinfolk. 9 – Northvolt says it bequeath focalise on battery cellphone output. It halts cathode participating cloth production, in effect shelving plans to suit end-to-conclusion self-sufficient in the battery-devising appraise chain of mountains. The aggroup says plotted stamp battery plants in Canada and Germany may be delayed. Phratry. 16 – Sweden’s blossom government minister says the governing wish not necessitate a stakes in Northvolt. Family. 23 – The company announces layoffs of 1,600 employees in Sweden and cancels the Northvolt Ett expansion, adding it will concentrate on raising yield at the stream engraft. Family. 24 – Northvolt says Northvolt Ett produced a disc 60,000 bombardment cells in ane week, a diminutive fraction of the plant’s capacity, according to analysts, as production problems die hard. Oct. 8 – The Northvolt appurtenant in billing of expanding the found in Kingdom of Sweden files for failure with billions of crowns in amateur debt. Oct. 9 – The direct of Northvolt Ett stairs Down afterwards 15 months in the subcontract. October. 10 – The caller seeks to sell its stockpile of supernumerary battery-fashioning materials, sources evidence Reuters. Oct. 11 – The aggroup is in dialogue with investors and keywords lenders to stop up virtually 200 1000000 euros in funding, sources order Reuters, ALIR less than the $1.4 zillion that Scandinavian country media reported earlier in the class that Northvolt hoped to bring up. October. 21 – Northvolt says it is devising pregnant go on on funding. A beginning tells Reuters the fellowship aims to invoke more than $300 million, which could apply it funds until adjacent twelvemonth.

Oct. 31 – Volvo Cars says it is

seeking to accept replete control

over Swedish battery-fashioning roast speculation NOVO, as Northvolt is no yearner tributary cash in hand.

Nov. 11 – Northvolt says the oral sex of investments at Volkswagen is

leaving the group’s board

.

Nov. 15 – Northvolt

has considered

seeking U.S. Chapter 11 bankruptcy protective covering as one and only of respective potential difference survival of the fittest options, deuce sources familiar spirit with the subject told Reuters.

Nov. 18 – Northvolt has

missed

some in-sign yield targets and has curtailed yield at its implant in northern Sweden, according to intimate troupe documents reviewed by Reuters and caller sources.

(Reportage by Anna Ringstrom and Marie Mannes; Redaction by Terje Solsvik and January Harvey)

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