"Further to this backdrop, the company has faced significant internal challenges in its ramp-up of production, both in ways that were expected by engagement in what is a highly complex industry, and others which were unforeseen."
Northvolt's collapse into insolvency deals 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, which leads as the world's largest market for electric vehicles by a wide margin.
The Swedish battery firm had been seeking financial support to continue its operations amid an ongoing Chapter 11 restructuring process in the United States, which it kicked off in November.