Battery giant Northvolt files for bankruptcy in major setback to Europe's EV ambitions

Swedish battery maker Northvolt filed for Chapter 11 bankruptcy protection in the U.S., aiming to restructure debt and secure a sustainable foundation for continued operation. Despite the move, the company will maintain normal operations and access approximately $245 million in new financing to address near-term challenges and meet market demand for vehicle electrification. The reorganization will help Northvolt continue its mission of establishing a European industrial base for battery production, with its flagship battery gigafactory in Sweden remaining operational.

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