Northvolt Reports Progress on Rescue Talks After 'Intense' Work.

Sweden's battery manufacturer, Northvolt AB, is making progress in its rescue talks and assures that it will meet its payroll obligations later this month. The company is working intensively to secure new financing and is prepared to pay salaries in October. Northvolt aims to raise around €200 million ($218 million) to address its short-term needs, with €150 million already secured under verbal agreements. The company has faced challenges in scaling up battery cell production and has scaled back major projects to focus on increasing output at its main plant. [Extracted from the article]