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Battery maker Northvolt has filed for bankruptcy in Sweden, capping the downfall of a company once regarded as Europe’s best hope of competing in an industry dominated by China.
The Swedish industrial start-up, backed by the likes of Volkswagen, Goldman Sachs and BlackRock, said on Wednesday that it had been unable to secure financing to continue and a court-appointed trustee would now sell off its assets.
“This is an incredibly difficult day for everyone at Northvolt. We set out to build something groundbreaking — to drive real change in the battery, EV and wider European industry and accelerate the transition to a green and sustainable future,” said Tom Johnstone, Northvolt’s interim chair.
It marks an ignominious end to a company that took in about $15bn from investors and governments in a technology crucial for electric vehicles where Europe is playing catch-up to Asian countries such as China, Japan and South Korea.
This is a developing story
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