Northvolt, once touted as Europe's best bet to challenge Asia's grip on the EV battery market, has filed for bankruptcy in Sweden after failing to secure fresh funding. A court-appointed trustee will now oversee the sale of its assets and subsidiaries.

The company and its assets will be sold after it filed for bankruptcy in Sweden, sinking Europe’s best hope for competing against Asian rivals.

Europe’s ambition to lead the world in green industries was always going to be a stretch given China’s head-start in many low-carbon technologies. When it comes to electric vehicle batteries, the outlook is especially bleak.