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The Guardian - UK

Business

Joanna Partridge

YOU WONT BELIEVE: Ev battery startup northvolt files for bankruptcy in sweden - You Need To See This

Northvolt Sweden

Northvolt was regarded as a leading player in European efforts to build an electric vehicle battery industry. Photograph: Jonas Ekstromer/TT/Reuters

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.

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