The ailing Swedish battery manufacturer Northvolt has applied for creditor protection under US law. The company announced this on Thursday. The reorganization proceedings under Chapter 11 of the US Bankruptcy Code protect Northvolt from the access of its creditors for a certain period of time and thus facilitate the financial restart. The battery manufacturer is currently in urgent need of money and has been working with its investors for several weeks on a rescue package. The Swedish government recently declared that it does not wish to acquire any shares in Northvolt.