BREAKING: First buyout bid for Northvolt – 'Expecting more to follow'

In May, two months after Swedish battery giant Northvolt filed for bankruptcy, the court-appointed administrator Mikael Kubu announced that the company would begin winding down its production – with operations set to halt completely by 30 June.

Speaking to Impact Loop in the beginning of June, Kubu described the odds of a sale as slim:

"It’s clear that the chances of finding a solution for continued battery production in Skellefteå are very small at the moment. There’s still some interest, but it’s getting harder with each passing day," he said.

There is a bidder

But all of a sudden, things look brighter for the collapsed battery company: Kubu now tells Swedish media outlet Ekot that there is in fact a bidder.

The unnamed foreign bidder is reportedly looking to acquire both the flagship gigafactory in Skellefteå and the R&D hub Northvolt Labs in Västerås.

"We now have one indicative bid on the table and are hoping to receive more," Kubu told Ekot (Impact Loop's translation). "Of course, there are a number of conditions tied to this type of offer, and they need to be realistically achievable."

Time is running out

The bid is non-binding. Kubu said there are currently three credible prospective buyers and he expects at least one more indicative bid to come in before the end of the day.

Time, however, is running out. Kubu has previously stated that a solution must be found by the end of June or early July at the latest.

A parallel sale process is also under way involving parts of the industrial site in Skellefteå.

Impact Loop has reached out to Mikael Kubu for comment.