The Board of Directors of Northvolt AB, Europe’s largest battery manufacturer, announced that it filed for bankruptcy in Sweden on March 12, 2025.
Northvolt had filed for Chapter 11 reorganization in the US in November 2024, which provided access to approximately 245 million USD in new financing. At the time they received that financing, they needed at least 1.2 billion USD to get back on their feet and they sought financing for months. But apparently not enough funding was found.
Peter Carlsson, Founder of Northvolt,
“We fought and fought to achieve the mission, but this week it became clear that we could not achieve it in the current format. Despite all efforts to resolve the financing, we were forced to file for bankruptcy.”
The bankruptcy process, which dealt a major blow to Europe’s hopes of reducing its dependence on Chinese battery suppliers, has also left many people, including Turkish engineers, unemployed.
Judging by comments on social media;
Some blame the company’s founders for wasting billions of Euros because it was impossible to compete with China on price by manufacturing in the north of Europe from the very beginning.
Others congratulate the founders and employees of Northvolt for all their hard work.