Struggling Battery Maker Northvolt Misses Payment to Laid Off Employees

Struggling Swedish battery manufacturer Northvolt failed to pay employees of its shuttered Cuberg subsidiary a scheduled final paycheck this month, or for their remaining paid time off, as required by California law, according to four former Cuberg employees.

The missed payments came as Northvolt, once the darling of Europe’s clean tech industry, attempts to raise a $300 million rescue package amid slow sales and a canceled multi-billion order from one of its largest customers. Northvolt has raised more than $14 billion since launching in 2017, including $5 billion in January. At that time, it said it had $55 billion in battery orders.