Swedish Battery Maker Northvolt Files for Bankruptcy in Sweden

Once a symbol of Europe's green transition, Northvolt's financial struggles culminate in insolvency, raising concerns for the EU's battery independence.

Northvolt has filed for bankruptcy in Sweden after failing to secure sufficient financial support to sustain operations.
The company's German and American subsidiaries, including the planned gigafactory in Heide, are not part of the insolvency filing and will continue operations independently.
Northvolt's collapse follows months of financial challenges, including missed production targets, a major contract withdrawal by BMW, and mounting debts exceeding $5 billion.
The bankruptcy raises doubts about the EU's ability to achieve its goal of 90% battery self-sufficiency by 2030, as Northvolt was a key player in the strategy to reduce reliance on Chinese suppliers.
Northvolt had been seen as a leader in sustainable battery production, but internal mismanagement, supply chain disruptions, and rising costs undermined its ambitious expansion plans.