Northvolt, a Swedish battery manufacturer that was once considered Europe's leading startup in the green transition, has recently filed for Chapter 11 bankruptcy. This development marks a significant downturn for the company, which was previously seen as a beacon of hope for Europe's competitiveness in the global battery market.

Northvolt had attracted substantial investment and was recognized as the best-funded startup in Europe. However, the company's trajectory has taken a dramatic turn, leading to its current struggle for survival. Richard Milne, the FT’s Nordic and Baltic bureau chief, has extensively reported on Northvolt's rise and subsequent fall, shedding light on the implications of its bankruptcy for Europe's battery industry.

This situation raises important questions about the future of European electric vehicles and their reliance on battery manufacturers from Asia.