Fuelled by $15bn in financing, Northvolt was supposed to be Europe’s great battery success story — a homegrown champion capable of competing with Asian and American giants. So when Northvolt filed for bankruptcy last week, after months of job cuts, restructuring, and multiple failed attempts to raise more money, it dealt a massive blow to Europe’s ambitions to ramp up domestic production of lithium-ion batteries, which power everything from EVs to smartphones. In the wake of Northvolt’s precipitous fall from grace, everyone from politicians and investors to the company’s own employees has voiced their opinions on what went wrong.
Gotion and InoBat have formed a joint venture to build a €1.2bn lithium-ion battery plant in Slovakia, slated for completion in 2027.
So when Northvolt filed for bankruptcy last week, after months of job cuts, restructuring, and multiple failed attempts to raise more money, it dealt a massive blow to Europe’s ambitions to ramp up domestic production of lithium-ion batteries, which power everything from EVs to smartphones.
The story "After Northvolt, Europe’s battery path leads to China — or new tech frontiers" has 1467 words across 69 sentences, which will take approximately 7 - 13 minutes for the average person to read.
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