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Battery manufacturer Northvolt nears the end as it files for bankruptcy in Sweden
Though the Swedish startup has raised over $14 billion, it has been running short on cash recently.
Northvolt filed for bankruptcy in Sweden on Wednesday, the latest blow to Europe’s attempts to create a battery manufacturing juggernaut that could rival the Chinese giants. “Northvolt has experienced a series of compounding challenges in recent months that eroded its financial position, including rising capital costs, geopolitical instability, subsequent supply chain disruptions, and shifts in market demand,” the company said in a statement. That impasse, coupled with previous failures, weren’t enough to extend the company’s runway far enough to master its manufacturing woes and build a solid customer base.
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