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The Northvolt battery manufacturer has filed a bankruptcy in Sweden, capping the fall of a company formerly considered the best hope of Europe to compete with a industry dominated by China.
The Swedish industrial start-up, supported by Volkswagen, Goldman Sachs and Blackrock, said on Wednesday that it had not been able to obtain funding to continue and that a trustee appointed by the court would now sell its assets.
“It’s an incredibly difficult day for everyone in Northvolt. We decided to build something revolutionary – to generate a real change in the battery, EV and a broader European industry and accelerate the transition to a green and sustainable future, ”said Tom Johnstone, acting president of Northvolt.
It marks an ignominious end to a company that has collected about $ 15 billion in investors and governments in crucial technology for electric vehicles where Europe plays catching up from Asian countries such as China, Japan and South Korea.
It’s a story in development
