Once hyped as a potential cornerstone for an expanded European battery industry, Swedish battery maker Northvolt on Wednesday announced that it was filing for bankruptcy in its home country.
“Like many companies in the battery sector, 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 press release. “Further to this backdrop, the company has faced significant internal challenges in its ramp-up of production.”
Rendering of Northvolt Six battery factory in Quebec, Canada
In recent months, Northvolt…