Bankrupt Northvolt to close shop for good after failed buyer search

Insolvent Swedish battery manufacturer Northvolt will close and shut down its last factory in northern part of the country unless a buyer comes forward by the end of June, reports Bloomberg News, citing anonymous sources.

The company filed for bankruptcy in March and its assets were put up for sale. However, it has not yet been possible to find a buyer.

Northvolt has one remaining factory in Skellefteå, where it produces batteries for truck manufacturer Scania.

According to Bloomberg, a staff meeting will be held later today.

English edit by Daniel Frank Christensen