"Ultimately, however, with limited time and financial resources available, the company was unable to conclude the necessary agreements to secure its future," Northvolt said in a statement.Henrik Montgomery/TT News Agency/AFP via Getty Images

Europe’s great battery hope Northvolt files for bankruptcy in Sweden – POLITICO

by · POLITICO

Swedish battery-maker Northvolt filed for bankruptcy in Sweden today, marking the final unraveling of a company once seen as Europe's standard bearer for the sector.

Facing a cash crunch in November, Northvolt filed for Chapter 11 bankruptcy protection in the U.S. as it looked to raise more funds and restructure.

"Ultimately, however, with limited time and financial resources available, the company was unable to conclude the necessary agreements to secure its future," Northvolt said in a statement.