Northvolt Declares Bankruptcy as CEO Steps Down Amid $5.8B Debt
Swedish battery manufacturer Northvolt has filed for Chapter 11 bankruptcy in the U.S., leading to the resignation of co-founder and CEO Peter Carlsson, who will remain as an advisor. Despite raising $14.26 billion, including a recent $1.2 billion round, the company struggled with financial issues, burning through $100 million monthly and losing a $2 billion contract with BMW. Northvolt's bankruptcy highlights challenges in battery manufacturing, but with Volkswagen's investment and Europe's interest in competing with Asian battery makers, the company may still have a future.
