Northvolt Fallout Fuels Sweden’s High Bankruptcy Rate in October

The crisis at Swedish battery maker Northvolt AB contributed to an historically high rate of bankruptcies last month, when the company’s main expansion project in Skelleftea went insolvent.

A total of 821 companies went bankrupt in October compared to the monthly average of 576 over the past 10 years, according to credit reference agency Creditsafe. Several large bankruptcies were connected to Northvolt, the agency said in a statement.