Northvolt said it submitted the bankruptcy filing after an "exhaustive effort to explore all available means to secure a viable financial and operational future for the company." Struggling electric vehicle battery manufacturer Northvolt on Wednesday said it has filed for bankruptcy in Sweden.

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.

Northvolt, the Swedish electric vehicle (EV) battery startup once seen as Europe’s leading hope in the industry, has filed for bankruptcy in Sweden.