Northvolt's Chapter 11 Includes Cuberg

Swedish battery manufacturer Northvolt has filed for Chapter 11 bankruptcy protection in the U.S. The filing includes its subsidiary Cuberg in San Leandro, which ceased operations earlier this year but still holds a patent portfolio.

Filing for Chapter 11 could allow Northvolt to restructure its debts while continuing operations. Including Cuberg, which remains an active legal entity despite closing its San Leandro facility, could be part of showing a connection to the U.S. Cuberg facility in San Leandro was closed in August, but the subsidiary’s intellectual property portfolio has yet to be moved to Sweden.

Northvolthas raised SEK 110 billion to become a leader in Europe’s battery industry but has struggled to secure additional funding in recent months.

Peter Carlsson, Northvolt’s co-founder and CEO, previously lived in Palo Alto and worked at Tesla during its early years, a background that shaped the company’s innovative vision. However, financial challenges have pushed Northvolt to first close Cuberg and then take this drastic step to stabilize its operations and address mounting costs.

Here, you can find the Chapter 11 application filed in Houston, Texas: https://cases.stretto.com/northvolt