Northvolt bankruptcy dents European battery industry ambitions

Scania CV AB battery assembly plant

Source: © Erika Gerdemark/Bloomberg/Getty Images

Swedish startup aimed to challenge Asian producers, but stumbled in scaling production

Swedish battery maker Northvolt filed for Chapter 11 bankruptcy protection in the US on 21 November. The start-up had raised over $15 billion (£12 billion) from investors, but was left with almost $6 billion in debt. The move gives the company the opportunity to restructure and access new finance, in an attempt to rebuild its operations.