F EW European startups have attracted as much attention—and none as much capital—as Northvolt. On November 21st the Swedish maker of batteries for electric vehicles ( EV s), and a would-be European champion, went bankrupt, having raised $15bn from governments and investors. Its boss, Peter Carlsson, resigned shortly after.

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.

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

Northvolt transformed in a matter of months from Europe's best shot at a homegrown electric-vehicle battery champion to a struggling company.

Northvolt, the Swedish maker of battery cells for electric vehicles, said on Thursday it has filed for Chapter 11 bankruptcy protection in the U.S., dealing a blow to Europe's hopes that its most developed battery player would reduce Western car makers' reliance on Chinese rivals.

Swedish battery-cell maker Northvolt AB has filed for chapter 11 bankruptcy protection in the US amid a slowing EV market. The company said in a statement on Thursday that the filing was made in the U.

This move is part of a strategic effort to restructure debt, scale operations and secure a sustainable foundation for continued operations.

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,