Northvolt was one of the world’s most valuable battery startups. Now it has run out of charge.
Over the past week, the Swedish company filed for bankruptcy in the U.S. and said its co-founder was stepping down as chief executive, after a turbulent year of production problems and job cuts.
The move marks a stark change in fortunes for a company that was once vaunted as Europe’s best hope for competing with China’s dominant battery makers. Northvolt’s collapse also underscores the difficulty Western companies face in establishing a foothold in the industry.
