EV battery startup Northvolt files for bankruptcy in Sweden

Swedish firm unable to ‘secure the necessary financial conditions to continue in its current form’

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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