(Bloomberg) -- Northvolt AB is closing in on an about $300 million rescue package that includes debt and equity, according to people familiar with the matter...
-- Northvolt AB is closing in on an about $300 million rescue package that includes debt and equity, according to people familiar with the matter, buying time for the cash-strapped Swedish battery maker to stabilize production and line up longer-term financing.A combination of shareholders, lenders and customers are participating in the bridge funding, and the instruments vary among these groups, the people said, asking not to be named commenting on private negotiations.
Top shareholder Volkswagen AG has said it will help Northvolt scale up battery-cell production but provided little detail. Its Scania truckmaking unit, which relies on Northvolt cells, is a customer and could provide financial aid, people familiar with the matter have said.“We are in close dialog but we cannot comment beyond that,” a Scania representative said.
In recent weeks, Northvolt has cut jobs and pared back its ambitions to focus raising cash and increasing output at the main plant in Skelleftea. PAJU, South Korea — Rain on Friday washed out much of the second round of the BMW Ladies Championship in South Korea with none of the players having able to complete their rounds.British finance minister Rachel Reeves will increase the amount of money raised from inheritance tax at her Oct. 30 budget, the BBC reported on Friday without providing further details of what changes will be made to the measure.
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Exclusive-Northvolt in talks for about 200 million euros in fundingNorthvolt is in talks with investors and lenders to secure about 200 million euros ($218 million) in funding, three sources familiar with the matter said, as...
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