Europe's largest battery company Northvolt files for bankruptcy

Swedish power battery company Northvolt, Europe's largest battery company, announced on March 12 that it had filed for bankruptcy in Sweden due to running out of cash. The company filed for bankruptcy protection in the United States last November and hoped to complete restructuring in the first quarter of this year to obtain funds for continued operations. However, despite liquidity support from lenders and major transaction parties, Northvolt was unable to obtain the necessary financial conditions to continue operations.