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Swedish battery maker Northvolt filed for bankruptcy in Sweden today, marking the final unravelling of a company once seen as Europe’s standard bearer for the battery sector. Despite efforts to secure funding and restructure, the company was unable to overcome its financial challenges and secure a viable future.
Northvolt’s collapse deals a major blow to Europe’s ambition to establish its own electric vehicle (“EV”) battery manufacturing programme.
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Northvolt, a Swedish industrial start-up and battery maker, has filed for bankruptcy in Sweden, marking a significant downfall for a company that was once considered Europe’s best hope for competing in an industry dominated by China.
As reasons for the insolvency, the company cited rising capital costs, geopolitical instability, supply chain disruptions and shifts in market demand, according to Euronews.
The company, backed by notable investors such as Volkswagen, Goldman Sachs, and BlackRock, was unable to secure financing to continue operations, and a court-appointed trustee will now sell off its assets.
Northvolt’s interim chair, Tom Johnstone, expressed that the bankruptcy filing marks a difficult day for the company, which had set out to drive change in the battery and electric vehicle industries and accelerate the transition to a green and sustainable future.
The company’s demise is seen as an ignominious end to a company that had received approximately $15 billion in investments from investors and governments, and was crucial for the development of electric vehicles in Europe, where the continent is playing catch-up to Asian countries such as China, Japan and South Korea.
In November 2024 the Swedish firm confirmed it had filed for Chapter 11 bankruptcy protection in the United States after it failed to agree on a last-minute rescue package with investors. While Northvolt has collapsed into insolvency in its home market, “Northvolt Germany and Northvolt North America are not filing for bankruptcy in their respective jurisdictions,” Silicon reported.
Read the full story published by the Financial Times HERE.
Featured image: Europe’s great battery hope Northvolt files for bankruptcy in Sweden, Politico, 12 March 2025
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Categories: Breaking News, World News
thx for bio.
Taxpayer billions pushed through a company selling a technology that the public openly stated they don’t want. How much was laundered?