STOCKHOLM/GDANSK –
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.
Europe’s biggest hope for an electric vehicle battery champion filed for U.S. Chapter 11 bankruptcy protection on Thursday after talks with investors and creditors including Volkswagen and Goldman Sachs for funding failed.
The Swedish company, whose motto is „make oil history,“ has received more than $10 billion in equity, debt and public financing since its 2016 startup. Volkswagen and Goldman Sachs each own about one fifth of its shares.