Northvolt's CEO quits as company applies for bankruptcy protection

CEO of the Swedish battery manufacturer Northvolt, Peter Carlsson, has announced he is stepping down. This comes as the company has filed for Chapter 11 bankruptcy protection in the U.S.

Northvolt, which has its main base in Skellefteå in northern Sweden, only had enough cash to support its operations for 'about a week', Swedish Radio News reports, and has secured around SEK 2.5 billion kronor in new financing for the Chapter 11 bankruptcy protection process.

”Northvolt's liquidity picture has become dire,” the company said in its Chapter 11 petition, filed in Texas. Carlsson will take on a role as a Senior Advisor, the company says, and stay on the board.