The decision at the meeting in Stockholm was thus continued operations and no liquidation. The decision comes after a year of increasing losses, problems in production and long notices.
“Northvolt is satisfied with the result of today’s extraordinary general meeting, where the shareholders voted to continue Northvolt’s operations. This positive result shows the support of our shareholders as we work to realize our ambition and maximize our value,” writes Erik Zsiga in a comment to the news agency TT.
“Northvolt continues to make progress in the restructuring process as we increase production and complete the company’s transformation,” he adds.
Buying time
The pension giant AMF, which owns a few percent of the shares in the company, states that there was no uncertainty surrounding the decision.
– We will now continue the business and that is good for the employees, for the lenders and for the shareholders, says equity manager Anders Oscarsson to TV4 Nyheterna.
Northvolt will now be able to continue operations in Skellefteå and Västerås. How long is unclear.
– Now you have eight months to draw up a new business plan and whether you then need new capital or a buyer, that remains to be said, says Anders Oscarsson.
Union happy
The union rejoices over the news.
“It is pleasing for our remaining 500 engineering members to keep their important jobs developing a European battery factory and contributing to the green transition. A liquidation of Northvolt would have been a severe blow to many employees and their families, especially all those who came here from other countries to work,” writes Camilla Frankelius, head of negotiations at Sweden’s Engineers, in a press release.