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Northvolt CEO could consider halting $7B Canadian plant amid strategic review

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pChief Executive Peter Carlsson said in an interview with business daily Dagens Industri on July 2 that Northvolt, which has raised billions of dollars and is mulling an initial public offering of its shares, would consider putting the brakes on planned plants in Heide in Germany and Montreal.

STOCKHOLM — Swedish lithium-ion battery manufacturer Northvolt, which has a controversial $7-billion project planned in Canada, said on July 2 it was conducting a strategic review, as it grapples with a series of setbacks.

Last month it said it was reviewing its plans to build a second Swedish gigafactory, while German premium carmaker BMW said it had canceled a 2 billion euros order for battery cells with the company."A strategic review is underway at Northvolt, to be concluded in the autumn, involving evaluation of timelines and capital allocation to ensure we are pursuing the most effective build-out of capacity possible," it said in a statement on July 2.

"We have been a little too aggressive in our expansion plans and that is what we are now reviewing," CEO Peter Carlsson told the paper in an interview.

 

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