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Battery manufacturer Northvolt nears the end as it files for bankruptcy in Sweden

Though the Swedish startup has raised over $14 billion, it has been running short on cash recently. © 2024 TechCrunch. All rights reserved. For personal use only.



Battery manufacturer Northvolt filed for bankruptcy in Sweden and Chapter 11 in the US due to rising capital costs, geopolitical instability, supply chain disruptions, and shifting market demand. The company struggled with revenue, burned through $100 million monthly, and had a $2 billion contract canceled by BMW. They laid off 1,600 employees and sold Cuberg.

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