Northvolt’s sub-Arctic battery factory in northern Sweden was meant to symbolise Europe’s green fightback against China and the US. Instead, the start-up is in danger of turning into an emblem of the continent’s failure to stay in the race.
The Swedish battery company has raised more capital than any other private group in Europe — more than $15bn in equity, debt, and government support.
It is now struggling to secure funds as it tries to ramp up production at the gigafactory in Skellefte? while scaling down on other projects and cutting jobs.
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