Northvolt, the Swedish maker¹ of battery cells for electric vehicles, said on Thursday it has filed for Chapter 11 bankruptcy² protection in the U.S.

Northvolt said it has only enough cash to support operations for about a week and said it has secured $100 million in new financing for the bankruptcy process. It said operations will continue as normal during the bankruptcy.

“Northvolt’s liquidity³ picture has become dire,” the company said in its Chapter 11 petition, filed in U.S. Bankruptcy Court in Houston. The company, which has operations in California, has about $30 million of cash, which can support its operations for only about a week. It has $5.8 billion in debts.

Northvolt, which employs around 6,600 staff across seven countries, said it expects to complete the restructuring by the first quarter of 2025.