UPDATE: TUES, 08:50
Northvolt negotiating rescue package, but concerns remain about its size
According to Ekot, the news service of Swedish national radio broadcaster Sveriges Radio, Northvolt's negotiations for a financial lifeline are ongoing, but challenges persist. There's a growing concern that the rescue package may be insufficient, potentially leading to some investors and lenders withdrawing.
A source told Ekot, "Some may pull out" if the package is too small, as it would be a short-term solution. Northvolt needs approximately one billion kronor per month to cover expenses like taxes and salaries. If the company fails to secure at least three billion kronor, some parties may opt out.
Northvolt has acknowledged the ongoing negotiations in a statement to Ekot. "We have made progress to secure a financial solution," the press department wrote. "We are now working intensively to complete the negotiations as soon as possible. There are advances all the time." However, the process has been described as complex and time-consuming.
UPDATE: FRI, 10:10
Now Bloomberg reports that Northvolt is negotiating a potential rescue package worth approximately 3.2 billion kronor.
This rescue package involves a combination of investors, lenders, and customers. Among them are investment bank Goldman Sachs and major Northvolt investor Harald Mix.
According to anonymous sources, the negotiations are in the final stages, but there remains a risk that the talks may fail.
A successful rescue package would provide Northvolt with time to stabilize its production and secure long-term financing.
Northvolt has not commented on these reports.
UPDATE: THURS, 11:15
Bloomberg reports that Goldman Sachs, the second-largest shareholder in crisis-stricken Northvolt, is exploring the possibility of rescuing the battery maker alongside other investors.
According to anonymous sources, Goldman Sachs is actively working to address Northvolt's liquidity crisis.
A spokesperson for both Goldman Sachs and Northvolt declined to comment on Bloomberg's report.
SVT Västerbotten reports that pension giant AMF and state AP funds are considering investing further to support Northvolt. Even founder Harald Mix has indicated his willingness to provide additional funding. '
– I'm committed to the company, Mix told TT during a conference on fossil-free investments in Sweden on Wednesday.