Europe’s ambition to lead the world in green industries was always going to be a stretch given China’s head-start in many low-carbon technologies. When it comes to electric vehicle batteries, the outlook is especially bleak.

The company and its assets will be sold after it filed for bankruptcy in Sweden, sinking Europe’s best hope for competing against Asian rivals.

Battery cell maker Northvolt has filed for bankruptcy in Sweden, the company said on Wednesday, marking one of the country's largest corporate failures and effectively ending Europe's best hope of developing a rival to challenge China.

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

BRUSSELS — Swedish battery-maker Northvolt filed for bankruptcy in Sweden on Wednesday, marking the final unraveling of a company once seen as Europe’s standard bearer for the sector. Facing a cash crunch in November, Northvolt filed for Chapter 11 bankruptcy protection in the U.S. as it looked to raise more funds and restructure.

Debt-ridden Swedish electric vehicle battery manufacturer Northvolt said on Wednesday it has filed for bankruptcy in its home market. The move includes all of the group's Swedish units, but not its subsidiaries in the United States and Germany,

After BMW nixed its battery supply deal with the Swedish battery maker that once aimed to rival firms from China and Korea, a turnaround was looking increasingly unlikely.