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Europe’s brightest hope for a battery-maker to rival China’s has filed for bankruptcy. Swedish startup Northvolt, which counted Volkswagen and Goldman Sachs as backers, has been unable to raise funds to continue and has started selling its assets.
“Plummeting cell prices, and the general difficulty in producing cells were the final nails in the coffin for the Northvolt project,” said a spokesperson for Benchmark Minerals.
Former employees say there were also problems with management, safety standards and over-reliance on Chinese machinery.
For Europe, per yesterday’s Sensemaker, the last of those problems is only expected to increase with Northvolt’s demise.
China’s CATL, the world’s largest battery manufacturer, is building plants in Hungary, Germany and Spain.
Another Chinese firm, Gotion, has gone into business with Northvolt’s former client, Volkswagen.
