this post was submitted on 12 Mar 2025
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Archive: https://archive.is/2025.03.12-073331/https://www.ft.com/content/21dbc9fa-2503-4a1d-a14c-7ac2b6f44303

Battery maker Northvolt has filed for bankruptcy in Sweden, capping the downfall of a company once regarded as Europe’s best hope of competing in an industry dominated by China.

The Swedish industrial start-up, backed by the likes of Volkswagen, Goldman Sachs and BlackRock, said on Wednesday that it had been unable to secure financing to continue and a court-appointed trustee would now sell off its assets.

“This is an incredibly difficult day for everyone at Northvolt. We set out to build something groundbreaking — to drive real change in the battery, EV and wider European industry and accelerate the transition to a green and sustainable future,” said Tom Johnstone, Northvolt’s interim chair.

It marks an ignominious end to a company that took in about $15bn from investors and governments in a technology crucial for electric vehicles where Europe is playing catch-up to Asian countries such as China, Japan and South Korea.

This is a developing story

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[–] Extrawurst@feddit.org 5 points 7 hours ago

Sadly a case of incompetent and malicious leadership from what I’ve gathered. Sad for Skellefteå, a city that banked a lot on the success of this industry.. And of course sad for Europe, I hope that the things that were built can be picked up by someone with true intentions and competence.