Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
On 22 November 2024 Northvolt, a Swedish manufacturer of energy storage and battery systems, has announced that it plans to cut between 150 and 550 jobs in Europe.
The restructuring programme is part of the company’s decision to cease operations in energy storage development and production in Poland and in Sweden.
The production facility in Gdańsk, is being prepared for sale, and 150 employees will loss their jobs. At present, the company plans to retain the Business Scaling Centre in Gdansk, which employs 64 people and provides financial and logistical services for the entire group.
In addition, the company is to sell the Northvolt Systems business unit, which includes business assets, technology, customer base, a battery system prototyping facility in Stockholm, and the second Gdańsk production facility that has been operating in the city for the past six years. The Northvolt Systems business unit employs 281 employees in Poland and 269 in Sweden.
Northvolt’s financial struggles have led to restructuring under Chapter 11 in the U.S. and plans to secure $145 million in new loans to continue operations. Furthermore, earlier this year, Northvolt announced it would abandon plans to open a new factory in Borlänge and laid off employees in sites across Sweden. This event has been recorded in the ERM database Northvolt 2024 - SE.
Northvolt, a Swedish company established in 2015, specialises in lithium-ion battery systems and supplies clients in the industrial and energy sectors.
The restructuring event in Poland has been documented in the ERM database Northvolt 2024 - PL
Eurofound (2024), Northvolt, Closure in European Union, factsheet number 202108, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202108.
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