European battery companies are scaling back their ambitions and striking deals with Asian competitors after Northvolt’s collapse cast doubt on the region’s attempts to build an independent industry.
The Swedish group was one of Europe’s best funded start-ups over the past decade and raised $15bn from governments and investors before going bankrupt in March.
Northvolt is now a cautionary tale for other start-ups who are key to achieving the EU’s strategic goal of breaking its reliance on China for batteries as customers shift to electric vehicles, but remain years behind Chinese and Korean competitors.
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