Northvolt: Going, going, gone!
In a big development for the European battery industry, its flagship independent developer, Northvolt, has applied for Chapter 11 bankruptcy protection in the US with debts of up to US$5.84bn. The collapse has been imminent for several months with Northvolt shedding subsidiaries left, right and centre as it desperately sought to raise cash to keep the wolf from the door. But with estimated cash needs of US$900m a year and its failure to meet qualification requirements at high enough volumes to satisfy its customers, it seems that the Northvolt experiment is a failure. What went wrong with Northvolt? Well, in...
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Northvolt
