*

Company filed for bankruptcy in November

*

Northvolt needs $1.29 billion until 2027, sources say

*

Slightly above the $1-$1.2 bln range given before

*

Asian partner likely needed to rescue company, sources say

By Marie Mannes, Christina Amann and Emma-Victoria Farr

STOCKHOLM/BERLIN/FRANKFURT, Jan 28 (Reuters) - Northvolt

asked more than 100 shareholders at a meeting this month to

provide $1.29 billion over the next two years to help restore

the bankrupt Swedish battery maker's business, two sources

familiar with the matter told Reuters.

Considered Europe's best shot at a home-grown electric

vehicle battery champion to compete with Chinese rivals BYD

and CATL, Northvolt filed for Chapter 11

U.S. bankruptcy in November after talks for fresh funding with

investors collapsed amid production and other problems.

Former CEO and co-founder Peter Carlsson told journalists in

November that the company would need between $1 billion and $1.2

billion in the long term, but did not give a specific timeframe.

The request for funding to last until 2027 comes as

Northvolt intensifies a search for investment before its cash

reserve runs out in February.

In response to Reuters' questions, Northvolt said "numerous

parties" had submitted indications of interest in its financing

process.

"The company and its advisers are engaged in productive

conversations and due diligence with both strategic and

financial investors," a spokesperson said, declining further

comment.

It is not clear how shareholders responded to the request or

if they will stump up any cash. The sources declined to be

identified because the details are confidential.

Northvolt's shareholders include Goldman Sachs ( GS ) and

BMW as well as customers Volkswagen and

Scania. It is not clear which investors were present at the

meeting.

The two sources said the shareholders were told the company

had sufficient funds until at least mid-February, largely in

line with information in the company's bankruptcy court filing.

A third person familiar with the situation said Northvolt

would only exhaust its cash towards the end of February.

At the time of filing, the company secured $245 million in

financial support for the bankruptcy, including a $100-million

loan from Swedish truck maker Scania, its biggest shareholder

and customer.

RESCUE

Chinese, South Korean or Japanese battery makers are the

best hopes for a rescue of the company given their expertise in

EV battery making, three other sources close to the matter said.

Northvolt's lawyers said at a court hearing in December that

the company hoped to present a longer-term financing proposal to

the bankruptcy judge at a hearing on Tuesday. It is not clear if

this will happen and the company did not reply to a request for

comment.

If Northvolt is able to find more funds, it is likely to

come from a mix of financial and strategic investors, and a

combination of existing and new stakeholders, another person

with knowledge of the situation said.