This move comes amid geopolitical instability, rising capital costs, supply chain disruptions, and shifts in market demand.

Northvolt’s fortunes took a more decisive turn when BMW canceled a $2 billion contract in June 2024. The battery manufacturer had been unable to deliver on time. To conserve cash, it laid off 1,600 employees and sold the assets of its Cuberg division, a Bay Area solid-state battery startup it acquired in 2021.

Northvolt, a Swedish-based battery maker, filed for bankruptcy in its home country as rising debts defeated one of Europe’s best chances at