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Battery unicorn Northvolt files for bankruptcy, upending Europe’s industrial plan
The company chose Chapter 11 in an effort to right its listing finances.
It laid off 1,600 employees, about 20% of its workforce, in September, and unloaded assets in November from its ill-fated purchase of Bay Area battery startup Cuberg. This isn’t the first time a battery manufacturing startup hit a rough patch — A123 Systems’s failure over a decade ago stands out as a prominent example in the U.S. — and it likely won’t be the last. Plus, Europe, like other advanced economies, has been rushing to stake a claim in the battery manufacturing space, and Northvolt seemed like its best chance to compete with Asian rivals.
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