Northvolt’s ambition was to challenge the dominance of Asian battery makers, such as CATL and BYD in China. The company launched in 2016 with the idea of tapping cheap renewable energy to build lithium-ion batteries for electric vehicles (EVs). It promised 90% less CO 2 emissions compared to cells made using coal power by 2030.

Northvolt's financial collapse deals a blow to Europe's plan to set up its own battery industry to power electric cars, stirring a debate about whether it needs to do more to attract investment as startups struggle to catch up with Chinese rivals.

Bankrupt battery maker Northvolt had relationships with some of the best-known electric aviation start-ups but whether its financial troubles will impact its aerospace ambitions remains unclear.

The CEO of Northvolt, Peter Carlsson, today resigned amongst ongoing fallout from the Swedish EV battery maker’s U.S. Chapter 11 bankruptcy filing.

Beleaguered Swedish battery manufacturer Northvolt announced on Thursday that it was filing for bankruptcy in the U.S., striking a blow to Europe’s ambitions for homegrown lithium-ion batteries.

The company’s woes are symptomatic of a wider malaise among companies that make batteries for electric vehicles.

Volkswagen (OTCPK:VWAGY) has taken a major writedown of its 21% stake in the Swedish battery company, Northvolt, Reuters reported Monday, citing two sources. The writedowns at the German automobile giant were done throughout the current financial year,

Northvolt's financial collapse deals a blow to Europe's plan to set up its own battery industry to power electric cars, stirring a debate about whether it needs to do more to attract investment as startups struggle to catch up with Chinese rivals.

Sweden’s ambitions of having a strong electric vehicle (EV) battery industry are overshadowed by the financial collapse of battery maker Northvolt. Last month, Northvolt summarily rejected the headhunter’s scheme and filed for Chapter 11 bankruptcy protection in the United States,