Northvolt, the Swedish electric vehicle battery startup, has filed for bankruptcy in Sweden, marking the end of a company once seen as Europe’s best hope of challenging the dominant Asian battery industry.
The company said in a statement it had been unable to “secure the necessary financial conditions to continue in its current form” in Sweden.
After the bankruptcy filing, a court-appointed trustee will oversee the sale of Northvolt’s business and assets while settling its outstanding debts.
The company’s 5,000 employees now face an uncertain future, and Northvolt said it would work closely with authorities and trade unions to give workers support and information.
The Swedish bankruptcy filing follows months of crisis at the…
