Northvolt's flagship battery factory, once symbolic of Europe's clean energy aspirations, has ceased operations after the company's bankruptcy. Despite interest from potential buyers like Lyten and Scania, neither the EU nor Sweden plans to intervene. Northvolt, which secured $15 billion in funding, has become a case study in business failures. Criticism has arisen over Sweden's limited support compared to assistance given to the Chinese market. The difficulties of competing with established Chinese producers, despite initial investment, contributed significantly to Northvolt's downfall.
Northvolt's bankruptcy raises questions about the efficacy of European support in high-growth, low-carbon industries, particularly in comparison to state aid in China.
The case of Northvolt illustrates that even with substantial funding, challenges in competing against established Chinese battery producers can lead to failure.
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