End of the road for EV battery maker that raised $15 billion from investors including Goldman Sachs and BlackRock

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End of the road for EV battery maker that raised $15 billion from investors including Goldman Sachs and BlackRock

//business-finance.news-articles.net/content/202 .. stors-including-goldman-sachs-and-blackrock.html

Published in Business and Finance on Wednesday, March 12th 2025 at 13:00 GMT by Insider

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source

The Swedish company aimed to become Europe's main EV battery maker and take on Chinese rivals, but filed for Chapter 11 protection in November.

2025-03-12 260 x 130 / 10190 Bytes

Northvolt, a Swedish electric vehicle battery startup, has filed for bankruptcy protection in Sweden, despite having raised significant funds from investors like Goldman Sachs, BlackRock, and Volkswagen. The company, which aimed to challenge Asian dominance in the EV battery market, faced challenges including production delays, cost overruns, and a significant drop in demand for electric vehicles. Northvolt's financial difficulties were compounded by a failed attempt to secure a $5 billion loan from the U.S. Department of Energy, which was crucial for its expansion plans. The bankruptcy filing comes as a surprise given the company's high-profile backing and its plans to build one of Europe's largest battery factories. However, Northvolt has stated that it will continue operations while restructuring, aiming to emerge stronger and more focused on sustainable battery technology.

Read the Full Insider Article at:
[ https://www.businessinsider.com/northvolt-files-bankruptcy-ev-battery-maker-sweden-goldman-blackrock-vw-2025-3 ]