Europe’s Biggest Battery Hope Goes Bust

Swedish battery maker Northvolt has filed for bankruptcy in its home country, citing a wide range of factors in the highly complex industry. Northvolt, founded by two former Tesla execs, had been seen as Europe’s best hope for a regional producer of batteries to power electric vehicles, but it will now be split up and sold, the New York Times reports. The company, which secured a $5 billion loan from the European Union last year, said it faced a “series of successive challenges in recent months that have eroded its financial position.” It filed for Chapter 11 bankruptcy protection in…