Northvolt AB declared bankruptcy last week, leaving EU taxpayers potentially holding the bag for a staggering €293 million.

Northvolt’s ambition was to challenge the dominance of Asian battery makers, such as CATL and BYD in China. The company launched in 2016 with the idea of tapping cheap renewable energy to build lithium-ion batteries for electric vehicles (EVs). It promised 90% less CO 2 emissions compared to cells made using coal power by 2030.

Northvolt's financial collapse deals a blow to Europe's plan to set up its own battery industry to power electric cars, stirring a debate about whether it needs to do more to attract investment as startups struggle to catch up with Chinese rivals.

Northvolt transformed in a matter of months from Europe's best shot at a homegrown electric-vehicle battery champion to a struggling company.

Swedish battery maker Northvolt filed for Chapter 11 bankruptcy protection in the U.S., delivering a blow to Europe’s electrification ambitions.

Northvolt's financial collapse deals a blow to Europe's plan to set up its own battery industry to power electric cars, stirring a debate about whether it needs to do more to attract investment as startups struggle to catch up with Chinese rivals.

Sweden’s ambitions of having a strong electric vehicle (EV) battery industry are overshadowed by the financial collapse of battery maker Northvolt. Last month, Northvolt summarily rejected the headhunter’s scheme and filed for Chapter 11 bankruptcy protection in the United States,