"We will make batteries from what we have in the factory now and shut down step by step," says Mikael Kubu.
The announcement came at a 13:00 meeting on Thursday. Scania will cease purchasing battery cells from the Skellefteå factory, leading to further workforce reductions. Bankruptcy trustee Mikael Kubu would not confirm how many of the 900 employees will remain in June.
– It is a decision that will be given on Monday to the people concerned. But it involves major cuts, he tells Norran.
Asked if only 100, 50, or 10 employees would remain, Kubu replied:
– No, I don't want to say that. But these are significant cuts.
When pressed on whether it's more than half, he responded:
– We will get back to you about that.
The current plan is to continue producing and delivering battery cells to Scania in June, but no new raw material will be purchased.
– We will make batteries from what we have in the factory now and shut down step by step.
Scania’s departure is due to the batteries produced being too expensive, according to the administrator.
– Yes, that's how you could put it, says Kubu, who still wants to emphasise the good cooperation that has been had with Scania.
– In my 25 years as a manager, I have never seen a customer take as much responsibility as Scania has in this process.
The future of operations beyond June remains uncertain, with no clear answers yet.
– We're taking it one month at a time. In June, we'll produce and deliver battery cells, then there's a large factory that needs to be taken care of. But there's no financing ready for that yet, says Kubu.
There’s still hope for a new buyer, but nothing is certain yet. "We haven’t received any indicative bids, but there are capable parties looking at it," says Mikael Kubu.
While the cuts are implemented, efforts to find a new buyer for the factory are ongoing. Interested parties remain, but nothing is finalized. When asked about reports of a potential buyer making a decision next week, Kubu stated:
– We haven't received any indicative offers, but there are those with the ability who are looking at it. Whether there will ultimately be direct interest in the Skellefteå plant remains to be seen.
Kubu describes it as a complex matter.
– There are few players who can own, manage and finance a factory like this. It will likely require significant support from either the Swedish state or the EU. It is complex and takes a long time.
The situation is further complicated by the factory being pledged in a security transfer to a banking consortium comprising 17 investors. Asked if this means the factory is not the property of the bankruptcy estate, Kubu clarified:
– Yes, you can put it that way. For example, real estate can be pledged, but in this case it is even stronger security for the lenders. This means that the bankruptcy estate cannot sell parts of the factory unless it is agreed with the lenders.
Norran English explained this situation in April. The sheer scale of Northvolt's debt, involving 17 different lenders, is a major obstacle. These lenders effectively hold significant ownership of the factory's assets until their loans are repaid, or they agree to alternative arrangements.
This necessitates that Kubu, not only negotiates with potential buyers but also secures the approval of these numerous lenders for any deal. One source has previously described the trustee as having "his hands tied" due to this requirement.
There is new hope for Northvolt Revolt, according to the bankruptcy administrator.
Regarding Northvolt Revolt, Kubu indicates renewed interest, stating that "hope lives there." Since Revolt's operations are already on hold, there is less urgency to find an owner before the plant closes.
– We could sell this later, even if it takes time. Obviously it's easier if there is battery production in Ett. Everything is connected.
Kubu is even more optimistic about Northvolt Labs in Västerås.
– There, we are close to finding a solution with buyers, he says.
When asked if different players are interested in Skellefteå Ett, Revolt, and Labs, Kubu confirmed:
– Yes, that's how it looks now.