The Italian gigafactory project Italvolt, owned by Swedish entrepreneur Lars Carlstrom, appears to be on the verge of collapse. According to the business newspaper Milano Finanza, the Milan court has placed the company under crisis management, led by Antonino Ficalora.
Carlstrom not giving up on the project
The problems began with the supervisory board’s request to open liquidation proceedings and escalated due to difficulties with creditor Pininfarina, the designer of the original gigafactory project in Scarmagno. Carlstrom is now trying to save the company in court. He claims he wants to continue running the business.
Uncovered losses of nearly four million euros
Italvolt is facing bureaucratic hurdles and delays that are jeopardizing investment commitments. Its financial situation is tense: At the end of 2022, the company had debts of 5.5 million euros and assets of just under ten million euros. By March 2023, however, the balance sheets showed uncovered losses of more than 3.8 million euros.