Northvolt Files for Chapter 11 Bankruptcy: What, Why, Who, Where, and When…?
What Happened? Northvolt, the Swedish electric vehicle (EV) battery maker once seen as Europe’s best hope for reducing reliance on Chinese manufacturers, has filed for Chapter 11 bankruptcy protection in the U.S. The company, burdened with $5.8 billion in debt, has only $30 million in cash enough to sustain operations for about a week. Despite…