Northvolt, once seen as a key player in Europe's transition to electric vehicles, has filed for bankruptcy in Sweden while selling off its business. Despite a promising start and efforts to raise funds, the company struggled with job cuts, restructuring, and an inability to recover from setbacks including accidents at their facilities and losing a large contract with BMW. Established in 2016, Northvolt had aimed to secure 25% of the European battery market by 2030 but ultimately could not achieve financial stability even with support from partners and a significant EU loan.
Despite our efforts to negotiate and secure financial restructuring, the conditions necessary to sustain operations in our current form were beyond our reach.
Founded in 2016 by a former Tesla executive, Northvolt aimed to capture a significant share of the European battery market, competing against established Asian manufacturers.
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