Swedish battery developer and manufacturer Northvolt has filed for bankruptcy in the US. The company is struggling with mounting debt after failing to secure financing and is left with just one week of cash reserves.
Northvolt AB makes battery cells for electric vehicles.
This is seen as a significant blow to the European electric vehicle industry, as the company was the continent's most advanced battery manufacturer.
Northvolt AB produces lithium-ion, lithium-metal and sodium-ion cells for e-mobility and energy storage, among other purposes. The company's flagship battery gigafactory, Northvolt Ett, is located in Skellefteå, Sweden. | BGNES
