Swedish electric car battery maker Northvolt has filed for bankruptcy in Sweden after failing to secure financing to enable it to continue operations, the struggling company said Wednesday.
Founded in 2016, Northvolt was once seen as a cornerstone of European attempts to catch up with Asia and the United States in the production of battery cells, the crucial component of zero-emission cars.
But the company has struggled under a mountain of debt, slow demand and production delays, which in May 2024 led car manufacturer BMW to drop an order worth two billion euros ($2.2 billion).
