Sweden’s Northvolt files for bankruptcy, in blow to Europe’s EV ambitions

Northvolt said the $100 million in a new loan is part of $245 million in financing support for the bankruptcy.

Northvolt, the Swedish maker of battery cells for electric vehicles, said on Thursday it has filed for Chapter 11 bankruptcy protection in the US, dealing a blow to Europe’s hopes that its most developed battery player would reduce Western car makers’ reliance on Chinese rivals.