Bankrupt battery maker Northvolt AB agreed to sell its remaining shares in a recycling venture to Norsk Hydro ASA as it continues to slim down operations amid a Chapter 11 process in the U.S.

Northvolt AB shareholders approved the bankrupt electric vehicle supplier’s plan to keep building battery cells while it seeks new funding to restructure under Chapter 11 protection.

ATP is one of the largest owners in Northvolt with a stake of about 5%. The value of that holding “probably won’t be very far from zero.”

Germany will assume more than 600 million euros ($629 million) of debt that its development bank extended to Northvolt AB for the construction of a battery plant in the country.

Northvolt AB has named Markus Dangelmaier CEO of Northvolt Ett AB, its only factory that’s producing battery cells.

Northvolt AB CEO Peter Carlsson is stepping down as the Swedish battery maker embarks on a restructuring under bankruptcy court protection.

The move caps months of talks with owners, customers and creditors to find a way for Europe’s rare homegrown maker of EV batteries to continue operations.

Northvolt is scrambling to pull together emergency funding after a previous plan fell apart, according to sources, leaving the battery maker with dwindling options as it runs low on cash.

Northvolt AB, the cash-strapped European battery maker, reached a deal to sell its U.S. factory to a startup that’s trying to reduce America’s reliance on China for batteries.

Volvo Car is taking over a joint venture with Northvolt to build a factory on Sweden’s west coast, underscoring the major challenges of scaling battery production in the EV market.