STOCKHOLM–Swedish battery maker Northvolt filed for bankruptcy in Sweden after it failed to secure the financial backing needed to continue operating.A Swedish court-appointed trustee will now oversee the process,

Northvolt said it submitted the bankruptcy filing after an "exhaustive effort to explore all available means to secure a viable financial and operational future for the company." Northvolt's collapse into insolvency represents a major blow to Europe's ambition to become self-sufficient and build out its own EV battery supply chain to catch up to China.

Swedish electric car battery maker Northvolt has filed for bankruptcy in Sweden after failing to secure financing to enable it to continue operations, the struggling company said Wednesday. The battery maker stressed that in its attempts to secure financing it had found "significant traction with potential partners and interest from investors".

Northvolt, the maker of battery cells for electric vehicles, announced on Wednesday that it has filed for bankruptcy in Sweden, one of the