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Northvolt appoints restructuring expert to oversee main battery plant
Published by Jessica Weisman-Pitts
Posted on November 20, 2024
2 min readLast updated: January 28, 2026
Global Banking & Finance Review®
Company
Published by Jessica Weisman-Pitts
Posted on November 20, 2024
2 min readLast updated: January 28, 2026
COPENHAGEN (Reuters) – Northvolt has appointed restructuring expert Paul O’Donnell to oversee the lithium-ion battery maker’s main facility in northern Sweden, a company spokesperson said on Wednesday.
COPENHAGEN (Reuters) – Northvolt has appointed restructuring expert Paul O’Donnell to oversee the lithium-ion battery maker’s main facility in northern Sweden, a company spokesperson said on Wednesday.
O’Donnell will become chairman of Northvolt Ett, the group’s battery cells plant, the spokesperson added.
Cash-strapped Northvolt has been discussing the possibility of filing for Chapter 11 bankruptcy protection in the United States as one of several options for survival, two sources familiar with the matter told Reuters on Nov. 15.
“It makes sense to augment the board with an individual who has significant restructuring experience in order to guide the company through the challenging period,” the spokesperson said.
“Paul has significant experience in this arena both in his professional career with the Blackstone Group and subsequent to that his non-executive director roles in several companies,” he added.
Swedish media had reported Chapter 11 was seen as a way for Norvolt to sort out its finances. Its two largest shareholders are Volkswagen and Goldman Sachs.
Northvolt, which was set up in 2016, has missed some in-house production targets and has curtailed production at its plant, according to internal company documents and company sources, Reuters reported on Nov. 18.
Northvolt Ett chief Mark Duchesne stepped down last month and was replaced on an interim basis by Angeline Bilodeau, the vice president of Northvolt’s operations in North America.
(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik, Alexander Smith and Jane Merriman)
Restructuring refers to the process of reorganizing a company's structure, operations, or finances to improve efficiency and adapt to challenges, often involving changes in management or financial strategies.
Chapter 11 bankruptcy is a legal process that allows a company to reorganize its debts while continuing its operations. It provides a framework for the business to restructure and pay creditors over time.
Battery cells are the basic electrochemical units that store and release energy in batteries. They are essential components in various applications, including electric vehicles and renewable energy systems.
A cash-strapped company is one that is experiencing financial difficulties, often struggling to meet its obligations due to insufficient cash flow or revenue.
A board of directors is a group of individuals elected to represent shareholders and oversee the management of a company. They make key decisions regarding company policy and strategy.
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