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Northvolt AB has named Markus Dangelmaier CEO of Northvolt Ett AB, its only factory that’s producing battery cells.

Northvolt AB CEO Peter Carlsson is stepping down as the Swedish battery maker embarks on a restructuring under bankruptcy court protection.

The move caps months of talks with owners, customers and creditors to find a way for Europe’s rare homegrown maker of EV batteries to continue operations.

Northvolt is scrambling to pull together emergency funding after a previous plan fell apart, according to sources, leaving the battery maker with dwindling options as it runs low on cash.

Northvolt AB, the cash-strapped European battery maker, reached a deal to sell its U.S. factory to a startup that’s trying to reduce America’s reliance on China for batteries.

Volvo Car is taking over a joint venture with Northvolt to build a factory on Sweden’s west coast, underscoring the major challenges of scaling battery production in the EV market.

Volkswagen’s truck manufacturing brand Scania plans to equip all its future electric trucks with Northvolt batteries, in a vote of confidence for the cash-strapped Swedish battery maker.

A combination of shareholders, lenders and customers are participating in the bridge funding, and the instruments vary among these groups, a source said.

Northvolt AB sought bankruptcy protection for one of its units in a bid to limit the financial fallout from the troubled battery maker’s now-halted expansion in northern Sweden.

Sweden’s Northvolt AB will shed 20% of its global workforce and pause its expansion plans to slow cash outflows as the battery-making firm confronts a burgeoning financial squeeze.