Swedish battery manufacturer Northvolt filed for bankruptcy on 12 March 2025, bringing an abrupt end to a company once seen as Europe’s best hope of challenging Asian dominance in electric vehicle (EV) battery production.

STOCKHOLM (Reuters) - The bankruptcy of battery cell maker Northvolt, once the leader of Sweden's green industrial boom, is a huge blow to the country's north and particularly the small town of Skelleftea.

Northvolt’s fortunes took a more decisive turn when BMW canceled a $2 billion contract in June 2024. The battery manufacturer had been unable to deliver on time. To conserve cash, it laid off 1,600 employees and sold the assets of its Cuberg division, a Bay Area solid-state battery startup it acquired in 2021.