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Frankfurt/Berlin – The ailing Swedish battery manufacturer Northvolt has applied for protection from creditors under US law and is now looking for another investor. The company announced this on Thursday. The restructuring process under Chapter Eleven of the US insolvency law protects Northvolt from the access of its creditors for a certain period of time and thus makes the financial restart easier. “The overarching goal is to partner with one or more long-term strategic or financial investors,” the court documents said. At the same time, the company will have access to $245 million and can thus ensure its survival in the coming weeks.
