Swedish battery maker Northvolt files for bankruptcy as cash runs out

Northvolt, the Swedish battery cell manufacturer for electric vehicles, has filed for bankruptcy, marking a significant setback for Europe's efforts to rival major Asian EV battery producers. As of January 2025, the company’s debt exceeded $8 billion across its nine entities in the Chapter 11 process. Since its founding in 2016, Northvolt has secured over $10 billion in equity, debt, and public funding. Key investors include Volkswagen, holding a 21% stake, and Goldman Sachs, with 19%.