As co-founders and investors, we strongly support Northvolt’s major actions to support and enhance homegrown battery production platform. Filing for Chapter 11 is a necessary step to strengthen the capital structure while allowing the company to continue operations and focus on increasing production rates and reducing costs.

The past six months have demonstrated the complexity of establishing and financing a new industry focused on producing high-performance battery cells. Northvolt's team has been forced to make several difficult yet strategically important decisions. Filing for Chapter 11 being one of them. This decisive step will allow Northvolt to continue its mission to establish a homegrown, European industrial base for battery production.

Swedish and European competitiveness, including the European automotive industry stand to gain significantly from establishing large-scale production of green battery cells. Northvolt is well ahead of other ventures and remains the only European battery project to have commenced commercial-scale production.

The Chapter 11 will include engagements with both strategic and financial investors, as well as existing shareholders and customers. We strongly believe in Northvolt’s ability to navigate through this period. A Chapter 11 reorganization will provide stability to turn around this challenging situation.