Industry Value Chain

Unpacking The Timeline Of Northvoltʼs Bankruptcy Proceedings On November 21st, Northvolt AB filed for chapter 11 bankruptcy protection. The company remains in operation as the stakeholders continue to work through a resolution CORPORATE STRUCTURE

BMW canceled order for EUR2bn of batteries

Northvoltʼs subsidiary ETT Expansion3 files for bankruptcy $300mm provide by undisclosed investors to Northvolt AB as rescue financing to give more time to stabilize the company

Appoints Markus Dangelmaier as CEO of Northvolt ETT

Northvolt AB files for Chapter 11 bankruptcy. Liquidity situation becomes dire with just a few weeks of liquid assets Peter Carlsson steps down as CEO $100mm in debtor-in-possession financing secured Goldman Sachs Asset Management writes off $900mm investment in Northvolt

NOVEMBER

NORTHVOLT AB Non-recourse / Limited recourse subs Northvolt ETT AB

Northvolt Drei

$5bn non-recourse PF green loan1

EUR900mm in subsidies from German government

Marketing medium term financing to provide runway after restructuring. Northvolt owners vote to stay operating while seeking financial rescue Norsk Hydro to buy remaining shares in battery recycler from Northvolt

Debt Structure2

Northvolt ETT Expansion AB

> 20 Other Entities

Equity Ownership2

JANUARY 2025 Sources: Bloomberg, company releases, Debtwire Debt structures estimates per Bloomberg 01/19/2024) and company notices 1) non-recourse indicates that in the event of default at the entity level, the lender do not have the authority to pursue collateral from the parent company ( Northvolt AB; 2 Per of the 2023 annual report filing; 3 Northvolt's flagship battery gigafactory located in Skellefteå, Sweden

Other

JUNE 2024

DECEMBER

Entity

Announced strategic review of business

OCTOBER

Notable Financing

JULY

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