Northvolt AB Chief Executive Officer Peter Carlsson is stepping down as the Swedish battery maker embarks on a restructuring under bankruptcy court protection.Most Read from BloombergNYC's Underground Steam System May Be Key to a Greener FutureTrump Promises Could Have Seismic Impact on Washington EconomyNYC Gets Historic Push for 80,

The Swedish battery maker said Carlsson will become a senior adviser as the company enters U.S. bankruptcy and initiates a debt restructuring. The search for a new chief executive is underway.

The CEO of Northvolt, Peter Carlsson, today resigned amongst ongoing fallout from the Swedish EV battery maker’s U.S. Chapter 11 bankruptcy filing.