Jens Söderblom of AMF.
UPDATE: 15:45
Sources claim 1.7 billion kronor rescue package
Bloomberg News reported that Northvolt has secured approximately €150 million, equivalent to 1.7 billion kronor, through verbal agreements. A source told Bloomberg that shareholders and lenders were informed of this funding at a meeting on Monday.
Despite this progress, the situation remains uncertain. A source speaking to Dagens Nyheter on Thursday expressed doubts about the feasibility of resolving the company's financial challenges due to the complexity of negotiations involving multiple parties with differing interests.
In response to enquiries from Norran, Northvolt's communications manager, Matti Kataja, stated that the company does not comment on speculation. He confirmed that Northvolt is actively working on a financing round and expressed optimism about the progress made in recent weeks.
Kataja indicated that the company plans to provide further updates on the financing round as soon as possible.
UPDATE: 09:05
Northvolt negotiating with investors and lenders to secure finance
According to Reuters, Northvolt is actively negotiating with investors and lenders to secure approximately 2.2 billion kronor (200 million euros) in short-term financing. This move aims to stabilize the company's financial position, according to three sources familiar with the matter.
Discussions regarding this funding have been ongoing this week, with one source revealing that Northvolt still intends to raise a substantial amount of capital for long-term growth. The sources requested anonymity due to the confidential nature of these negotiations.
– I am aware of two Northvolt shareholders who this week are having internal IC meetings (investment committee, editor's note), a source tells Svenska Dagbladet.
According to the source, an IC meeting means there is a concrete proposal for the shareholders to consider.
– We are currently discussing a possible solution directly with the relevant parties, says Jens Söderblom, head of press at pension company AMF, Northvolt's ninth-largest investor with three percent, to the newspaper.
The Danish pension fund ATP, the company's fifth-largest shareholder, also told SvD that they are "working on a solution."
Northvolt's communications director, Matti Kataja, wrote in a text message to TT that "significant progress" has been made in recent weeks on a financing round.
– We hope to be able to share more information as soon as possible, he continued.
The dramatic situation for the battery manufacturer is unfolding as Northvolt negotiates with unions over the layoffs of 1,600 employees that the company announced in September—most of whom are in Skellefteå.
– Negotiations began on Thursday and will continue next week, said Lena Lundgren, coordinator at IF Metall, which represents more than 2,000 Northvolt employees.
According to Lundgren, there is widespread concern about job security. However, she has not heard the tax claim and bankruptcy threat being a major issue among members.
– Of course, people are worried about losing an income. But I feel that many are just living day to day, waiting for an update, Lundgren said.
IF Metall's negotiations on the lay-offs began on Thursday but have been paused to resume next week. Lundgren expects to provide an update "at the earliest by the end of next week."
Meanwhile, Northvolt told Reuters new agency late on Thursday evening, that it will be able to pay its taxes that fall due on Monday, answering speculation as to whether the struggling company would be able to do so.
– On whether we will pay our taxes when they fall due on October 14, the answer is the same as for other companies and is a simple 'yes', a company spokesperson told Reuters.