Battery manufacturer Northvolt nears the end as it files for bankruptcy in Sweden

Northvolt filed for bankruptcy in Sweden on Wednesday, the latest blow to Europe’s attempts to create a battery manufacturing juggernaut that could rival the Chinese giants. Though the Swedish startup has raised more than $14 billion, it has been running short on cash recently. Northvolt had previously filed for Chapter 11 bankruptcy in the U.S. in November. Since then, it’s been racing to conserve cash and raise new funds in an effort to stave off insolvency. Those efforts have fallen short. “Northvolt has experienced a series of compounding challenges in recent months that eroded its financial position, including rising capital costs, geopolitical instability, subsequent supply chain disruptions, and shifts in market demand,” the company said in a statement. European countries and automakers had pinned their hopes on Northvolt, which represented a bold bet on EU battery manufacturing. Most battery factories today are built and run by Chinese, Japanese, or Korean companies. The a ... Read full article.