Swedish battery maker Northvolt has filed for bankruptcy, leaving EU taxpayers with nearly €300 million in unpaid loans from the European strategic investments fund. Northvolt was seen as Europe’s alternative to China’s dominance in the EV battery supply chain. Despite expanding operations in Sweden, Poland, Germany, Norway, and the US, the company faced missed deadlines and loss of major backers. In October, it began selling equipment on eBay before filing for bankruptcy and CEO Peter Carlsson resigned. Other European battery manufacturers, like Germany’s Continental and Italy’s FIAMM, are also struggling, with some scaling back due to the reduction of consumer incentives for EV purchases.
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