Northvolt, a Swedish maker of lithium-ion batteries that once was valued by venture capitalists at nearly $12 billion, has filed for bankruptcy. Why it matters This is a massive blow to Europe's EV manufacturing goals,

Northvolt transformed in a matter of months from Europe's best shot at a homegrown electric-vehicle battery champion to a struggling company.

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.

This move is part of a strategic effort to restructure debt, scale operations and secure a sustainable foundation for continued operations.

Swedish battery-cell maker Northvolt AB has filed for chapter 11 bankruptcy protection in the US amid a slowing EV market. The company said in a statement on Thursday that the filing was made in the U.

Northvolt, the Swedish maker of battery cells for electric vehicles, said on Thursday it has filed for Chapter 11 bankruptcy protection in the U.S., dealing a blow to Europe's hopes that its most developed battery player would reduce Western car makers' reliance on Chinese rivals.

Northvolt, an electric vehicle battery-maker based in Stockholm, Sweden, has filed for US Chapter 11 bankruptcy protection.