Northvolt's ambitious plan to build a large-scale battery factory in northern Sweden, powered by green energy, has been derailed by financial difficulties and operational challenges. The company's struggles to secure funding, coupled with production issues and the loss of key customers like BMW, have forced it to downsize and seek bankruptcy protection.
Despite these setbacks, Northvolt aims to restructure its business and emerge from bankruptcy by the first quarter of 2025. However, the company's future remains uncertain as it navigates a complex financial landscape and faces intense competition from established Asian battery manufacturers.