Northvolt, a Swedish-based company hoping to establish a European industrial base for EV battery production to compete with Chinese battery manufacturers, has filed for Chapter 11 bankruptcy protection in the USA.
Nothvolt is backed by Volkswagen, which invested US$1bn in the company in 2019.
The Chapter 11 restructuring process in the US is distinct from a bankruptcy or administration proceeding in Sweden or many other countries.
The company says moving into Chapter 11 will enable it to...
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