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Europe's car battery ambitions go up in smoke. China wins again as Northvolt files for bankruptcy [Globe and Mail, The (Toronto, Canada)]
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Europe's last great hope to roll majestically into the global car battery business, Northvolt, has crashed. Another European wannabe tech giant has been humbled. China wins. On Thursday, the nominally Swedish company – it was backed by a broad range of investors and lenders, from Germany's Volkswagen to Canada's pension funds – filed for Chapter 11 bankruptcy protection in the United States. What was Europe's best-funded startup, one that was to be an industry champion, could not live up to its own hype. Northvolt had raised some US$15-billion from investors and governments, yet found itself desperately short of cash in recent months, making the bankruptcy filing inevitable. It will try to keep its echo-chamber main factory in northern Sweden open while it hunts for fresh survival loans – a few bucks have arrived already. The odds do not look encouraging. “Northvolt's liquidity picture has become dire,” the company said in its bankruptcy court petition. Northvolt was founded by
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