Sweden’s state-owned pension fund AP2 has written down its entire stake in bankrupt battery maker Northvolt AB, according to the fund’s annual report, Bloomberg News reported. AP2, which has been a shareholder of Northvolt since 2021, said the stake was worth 1.5 billion kronor ($137 million) at the beginning of 2024, corresponding to 17% of its investments in sustainable infrastructure. Northvolt filed for chapter 11 protection in the U.S. in November after a bid to secure rescue funding fell short, leaving the company with little cash and $5.8 billion in debt.

Volvo Cars will not pay Northvolt any money for its 50% stake in their Novo Energy battery venture, which it had agreed to acquire, the automaker's quarterly report said on Thursday, Reuters reported. The automaker last week agreed with Northvolt to take over its stake in the venture, which included a planned Gothenburg battery cell factory, without disclosing the amount involved. Northvolt, once considered Europe's best hope for a battery champion, filed for U.S. chapter 11 bankruptcy protection last November. "The purchase consideration rounds to 0 m SEK.

Truckmaker Scania has stepped in to help Northvolt with the day-to-day running of its flagship plant in northern Sweden, a last-ditch effort to boost quality and output at the struggling electric vehicle battery maker as it scrambles to secure funds, Reuters reported. Since November, Scania has sent members of staff to Northvolt’s Ett plant in Skelleftea, 200 kilometres below the Arctic Circle, according to internal Northvolt documents reviewed by Reuters that outline Scania’s support strategy for the green tech player. The plant employs some 2,500 people.

Northvolt AB’s appointed bankruptcy lawyers in the U.S. have sent a letter to creditors in Sweden threatening legal action if they don’t return to the company funds seized by the country’s Enforcement Authority, according to Bloomberg News reported. The steps to recover claims “violate United States federal law and an order from the US Bankruptcy court,” Christopher T. Greco, a lawyer for Kirkland & Ellis LLP, wrote in the letter seen by newspaper Dagens Industri.

Sweden’s central bank lowered its key interest rate on Wednesday, with policymakers signaling they might be finished with their monetary policy easing, the Wall Street Journal reported. The Riksbank cut its key interest rate by a quarter of a percentage point to 2.25%. The bank had previously opened the door to a rate cut during the first half of this year. It said in its statement Wednesday that given the limited risk of inflation becoming too high, coupled with weak economic activity, it decided to make the cut at its first meeting of the year.

Northvolt asked more than 100 shareholders at a meeting this month to provide $1.29 billion over the next two years to help restore the bankrupt Swedish battery maker's business, two sources familiar with the matter told Reuters. Considered Europe's best shot at a home-grown electric vehicle battery champion to compete with Chinese rivals BYD and CATL, Northvolt filed for chapter 11 U.S. bankruptcy in November after talks for fresh funding with investors collapsed amid production and other problems.

Sweden’s central bank lowered its key interest rate on Wednesday, with policymakers signaling they might be finished with their monetary policy easing, the Wall Street Journal reported. The Riksbank cut its key interest rate by a quarter of a percentage point to 2.25%. The bank had previously opened the door to a rate cut during the first half of this year. It said in its statement Wednesday that given the limited risk of inflation becoming too high, coupled with weak economic activity, it decided to make the cut at its first meeting of the year.

Sweden’s Prime Minister Ulf Kristersson said there needs to be a rethink of how governments and private enterprise in Europe work together in the wake of the collapse of battery maker Northvolt AB, Bloomberg News reported.

Northvolt AB has yet to line up investors willing to commit funds to allow the Swedish battery maker to emerge from chapter 11 protection, Bloomberg News reported. The electric vehicle supplier’s cash position is dwindling as investors wait for others to step forward first in the ongoing funding talks. “Numerous parties have submitted indications of interest in Northvolt’s financing process,” a spokesperson for Northvolt said.

Co-founder Peter Jansson confirmed the news Tuesday morning on Instagram following a Monday report from the Swedish outlet Ehandel on the company’s filing. According to another story from last week, Sneakersnstuff has made layoffs in addition to ceasing operations in the U.S. and Japan. During the 2023 financial year, operating profit fell in the negative to a tune of nearly $3 million. Sneakersnstuff’s stores in London, Berlin and Paris continue to be open, but Jansson said the original location in Stockholm is “temporarily” closed. The Swedish boutique’s two U.S.