Northvolt Names Markus Dangelmaier as CEO of Main Factory
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Northvolt AB has named Markus Dangelmaier CEO of Northvolt Ett AB, its only factory that’s producing battery cells.
Last month saw the Swedish electric vehicle supplier file for Chapter 11 bankruptcy protection in the U.S. after a tumultuous couple of months that left it with $30 million in cash, enough to run operations for one week. The former head of the flagship plant, Mark Duchesne, left his position with immediate effect in early October.
Dangelmaier most recently held the role of VP Operations EMEA for electronics company TE Connectivity Plc and will take up his new role on Jan. 2, according to an emailed statement.
The company said the new CEO will seek to build synergies between the Swedish plant and planned factories in Canada and Germany.
Also, Northvolt last week hired financial adviser Houlihan Lokey Inc. to help it raise funds to turn its business around, according to people with knowledge of the matter.
The company decided to drop investment bank Rothschild & Co., which had been advising it on capital-markets matters, including an initial public offering process that was eventually shelved, the people familiar with the matter said. It engaged Houlihan Lokey instead to help in its fundraising efforts while in Chapter 11, they added.
Spokespeople for Rothschild and Northvolt declined to comment. Houlihan Lokey didn’t immediately reply to a request for comment.
Written by Christopher Jungstedt and Irene García Pérez
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