A Quebec Superior Court judge has declared the North American branch of battery manufacturer Northvolt insolvent as the provincial government seeks to recover $260 million owed to it, CBC.ca reported. Justice Janet Michelin on Friday placed Northvolt Batteries North America under creditor protection following a request earlier in the week from the province.

Swedbank on Saturday said that the U.S. Securities and Exchange Commission (SEC) has closed its investigation into the bank without enforcement, Reuters reported. The investigation was initiated in 2019 and concerned Swedbank's historic disclosures of information, the company said. In 2019, Swedbank admitted to failings in combating money laundering and said it was under investigation by multiple U.S. authorities.

Northvolt buyer Lyten said yesterday that it had appointed the last chief operating officer of the bankrupt Swedish battery maker as the new CEO of Lyten Sweden, and also recruited several other former executives of the failed company, Reuters reported. Silicon Valley-based startup Lyten, which develops lithium-sulfur batteries, unexpectedly announced last month that it was buying Northvolt's assets, offering a lifeline to future European battery production for electric vehicles.

The Quebec government is pulling the plug on a $7-billion electric-vehicle battery project near Montreal and trying to recoup some of its investment, BNN Bloomberg reported. Economy Minister Christine Fréchette announced Tuesday that the government is cutting its losses on the planned Northvolt battery factory after spending $510 million on the troubled venture, once touted as the largest private investment in the province’s history. The Quebec government pledged up to $2.9 billion in financing for the project, while Ottawa committed up to $4.4 billion.

Silicon Valley startup Lyten will need to convince carmakers it can succeed where bankrupt Swedish EV battery maker Northvolt failed - creating a European champion to reduce the region's reliance on China, Reuters reported. Lyten, which develops lithium-sulfur batteries, unexpectedly announced on August 7 it was buying Northvolt's assets, offering a lifeline to future European battery production for electric vehicles.

Sweden’s central bank kept its benchmark interest rate in place as inflation continues to climb, but said it could resume cutting rates later this year, the Wall Street Journal reported. The policy rate will be left at 2.00%, the Riksbank said Wednesday, in a decision widely expected by investors. But “the Executive Board sees some probability of a further interest rate cut this year,” the central bank said. “The upturn [in annual inflation] is assessed to be due to temporary factors,” it said in a release.

Bankrupt Swedish battery maker Northvolt had stepped up production of high-quality battery cells at its Skellefteå plant before operations were halted, a former executive said on Friday, a major factor in sealing a deal to sell the company, Reuters reported. Northvolt, once seen as Europe's answer to dominant Chinese battery manufacturers, filed for bankruptcy in March and ceased production in June after failing to secure a buyer in time. U.S. battery startup Lyten said on Thursday it would buy most of Northvolt's assets, reviving hopes of a European battery champion.

U.S. battery startup Lyten has agreed to buy most of bankrupt Swedish battery maker Northvolt, it said on Thursday, potentially offering a way back for the European company that was once seen as the region's answer to rivals in Asia, Reuters reported. Lyten, a Silicon Valley battery startup developing lithium-sulphur cells as a cleaner alternative to lithium-ion, is backed by Jeep-owner Stellantis and U.S. delivery services provider FedEx.

California-based battery startup Lyten has raised $200 million from existing investors to acquire assets from the bankrupt Swedish manufacturer Northvolt AB, TechinAsia.com reported. This funding will facilitate the restart of production at Northvolt’s factory in Gdansk, Poland. The Gdansk facility, idled earlier this year, will initially resume operations using nickel-based battery cells previously developed by Northvolt. Lyten plans to begin customer deliveries from the plant by the fourth quarter of 2025.

Intrum AB, a Swedish debt collector, has announced the immediate departure of CEO Andres Rubio following the company's recapitalization and exit from U.S. chapter 11 bankruptcy proceedings, AIInvest.com reported. Rubio will be succeeded by CFO Johan Akerblom, who previously worked at Citadele Banka AS and SEB AB in Germany and the Baltics. Akerblom will now lead Intrum as it focuses on its commercial development strategy. Intrum AB provides payment solutions and credit and collection services in Europe and internationally, operating through the Servicing and Investing segments.