(Bloomberg) -- Northvolt AB intends to pay its taxes that are due on Monday as the troubled Swedish battery maker strives to claw its way out of a cash crisis.
The tax bill, reported to total 287 million Swedish kronor ($27.6 million), comes due in three days, representing the next big deadline for the struggling company.
“On the question of whether we will pay our taxes when they fall due on Oct. 14, the answer is the same as for other companies and is a simple ‘yes’,” spokesman Matti Kataja said by text message late on Thursday.
The cash-strapped maker of electric vehicle batteries has struggled to ramp up production at its main plant near the Arctic Circle in Sweden, constricting revenue at a time high costs from its expansion-at-scale piled up. One of its units sought bankruptcy protection on Tuesday as the firm strives to find a longer-term funding solution.
Northvolt is seeking about €200 million ($219 million) in funding, Reuters reported earlier, citing sources it didn’t identify.
The financial aid involves shareholders, lenders and customers, and would include battery-cell pre-orders, primarily from Volkswagen AG’s truckmaking unit Scania CV AB, and ordinary loans, newspaper Dagens Industri reported Thursday.
Northvolt declined to comment to Bloomberg News on the fundraising efforts.
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.
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