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Northvolt, once hailed as Europe’s battery industry pioneer, has filed for Chapter 11 bankruptcy in the United States. CEO Peter Carlsson has stepped down, marking a dramatic shift for the company. Northvolt, which aimed to compete with Asian giants and advance Europe’s green energy goals, faced financial woes due to overspending, management struggles, and a downturn in electric vehicle demand. Despite the restructuring plan and secured financing, its flagship gigafactories in Sweden and operations in Germany and Canada remain operational. This episode delves into the events leading to Northvolt’s bankruptcy and its implications for Europe’s green transition ambitions.
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