Northvolt Appoints Markus Dangelmaier as CEO Amid Financial Restructuring

Northvolt AB has appointed Markus Dangelmaier as the CEO of Northvolt Ett AB, its sole operational battery cell production facility. The announcement follows a challenging period for the Swedish electric vehicle battery supplier, which recently filed for Chapter 11 bankruptcy protection in the U.S. after facing severe financial difficulties. At the time of filing, the company reportedly had only $30 million in cash, sufficient to sustain operations for a single week.

Mark Duchesne, the former head of Northvolt Ett, stepped down from his role with immediate effect in early October. Dangelmaier, previously Vice President of Operations EMEA at TE Connectivity Plc, will assume his new position on January 2, according to a company statement.

Northvolt noted that Dangelmaier’s appointment aims to enhance operational synergies between the Swedish facility and its planned factories in Canada and Germany, reflecting its long-term growth strategy despite current financial hurdles.

Additionally, the company has enlisted the services of financial adviser Houlihan Lokey Inc. to aid in its fundraising efforts, according to sources familiar with the situation. This marks a shift in strategy, as Northvolt has reportedly replaced Rothschild & Co., its previous adviser on capital markets and IPO planning, with Houlihan Lokey to navigate its financial restructuring under Chapter 11.

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