“We are having to take some tough actions for the purpose of securing the foundations of Northvolt’s operations to improve our financial stability and strengthen our operational performance,” Chief Executive Officer Peter Carlsson said.
Northvolt’s Canadian facility is one of several major battery plants, valued in the tens of billions of dollars, announced by automakers and other companies in Quebec and Ontario over the past two years.
The company is pausing operations at its Northvolt Ett Upstream 1 cathode material production facility until further notice, according to the statement.
Northvolt, the continent’s biggest homegrown battery manufacturer, has struggled to ramp up production at its main factory outside the town of Skelleftea near the Arctic Circle. It already pushed back plans for an initial public offering to next year because of a challenging market and the operational problems.
The market for battery…
