(Bloomberg) -- Northvolt AB faces a 287 million Swedish kronor ($28 million) tax bill on Oct. 14, potentially the next financial hurdle for the cash-strapped battery maker after placing one of its units into bankruptcy.
The combined tax bill is for the six biggest companies in the Northvolt group, and represents their liabilities for value-added taxes, employer’s fees and general tax deductions, Swedish Television reported on Tuesday, citing Swedish Tax Agency documents.
The looming deadline comes amid a cash crunch for the pioneering electric-vehicle supplier, whose mission has been to create an independent battery manufacturing capacity in Europe. Northvolt has struggled to ramp up production at its main plant near the Arctic Circle in Sweden, and one of its units sought bankruptcy protection on Tuesday.
Northvolt said it continues to work on a strategic review aimed at strengthening its core business, but hasn’t said when the plan will be completed, the company said earlier. The company is also working to raise more equity, and has promised an update when it has news to share.
A Northvolt spokesman didn’t immediately respond to a request for comment on the tax bill.
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