Northvolt seemed like it had everything going for it. The Swedish industrial start-up was Europe’s pioneer in battery manufacturing, led by two former Tesla executives, backed financially by big corporate names such as Volkswagen, BMW and Siemens as well as investors including Goldman Sachs and BlackRock. It also had $55bn of orders for its factory close to the Arctic Circle.
But in the past year all that has unravelled rapidly, leaving Northvolt bankrupt, investors nursing big losses and Europe’s hopes of competing with Asian players on the battery technology so crucial to its automotive industry dangling by a thread.
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