Beleaguered Swedish battery manufacturer Northvolt announced today that it was filing for bankruptcy in the U.S., striking a blow to Europe’s ambitions for homegrown lithium-ion batteries. The company reportedly chose Chapter 11 in an effort to right its finances. It laid off 1,600 employees, about 20% of its workforce, in September and unloaded assets in November. The company reportedly was burning through $100 million per month.
Beleaguered Swedish battery manufacturer Northvolt announced today that it was filing for bankruptcy in the U.S., striking a blow to Europe’s ambitions for homegrown lithium-ion batteries. The company reportedly chose Chapter 11 in an effort to right its finances. It laid off 1,600 employees, about 20% of its workforce, in September and unloaded assets in November. The company reportedly was burning through $100 million per month.