Volvo Cars has been developing its own battery production in a company called Novo Energy in Gothenburg, where Northvolt is a 50-percent owner. However, Volvo Cars has not previously participated in the financing of Northvolt and will not do so now, according to Volvo Cars' CEO Jim Rowan.
We would not inject capital into Northvolt. The answer to that question is an absolute no, says Rowan to Bloomberg.
Negotiating a rescue package
What will happen to Novo Energy if Northvolt pulls out of this collaboration, Rowan does not want to speculate about.
We'll cross that bridge when we get to it, he says.
According to Bloomberg's sources, Northvolt is in intense negotiations to secure a rescue package worth around 300 million dollars (approximately 3.2 billion kronor) with support from owners, lenders, and customers. However, it is unclear whether it will come to fruition.
TT has unsuccessfully sought representatives from Northvolt for a status update.
The newspaper Dagens Industri reports that Northvolt has secured a smaller and short-term support, estimated to be around 300-400 million kronor, among other things, to cover this week's salary payments.
Security in Montreal factory
The American major owner Goldman Sachs is, according to sources, participating in the talks about Northvolt's rescue package and is willing to provide a so-called bridge loan, but has requested securities in the form of shares in Northvolt's factory project outside Montreal.
Swedish owners, including financier Harald Mix, AMF, and AP funds, are also participating in the talks, according to media reports.
Northvolt concluded negotiations with trade union counterparts on Tuesday regarding a major notice of termination that the company issued at the end of September. The result is that over 1,200 employees will lose their jobs, most of them in Skellefteå.
