Swedish electric vehicle (EV) battery developer and manufacturer Northvolt has collapsed into administration, with at least $1bn of investment needed for a rescue deal.

This move is part of a strategic effort to restructure debt, scale operations and secure a sustainable foundation for continued operations.

The CEO of Northvolt, Peter Carlsson, today resigned amongst ongoing fallout from the Swedish EV battery maker’s U.S. Chapter 11 bankruptcy filing.

The company’s woes are symptomatic of a wider malaise among companies that make batteries for electric vehicles.

Northvolt’s chief executive has resigned a day after Europe’s big battery hope filed for bankruptcy in the US. Peter Carlsson took responsibility for the dramatic collapse during a town-hall meeting with employees on Friday morning,

Northvolt, a major Swedish battery maker, filed for bankruptcy in the U.S., seeking to restructure the debt it had taken on to pay for its rapid expansion.Stockholm-based Northvolt said it had more than $5.

Northvolt, a Swedish maker of lithium-ion batteries that once was valued by venture capitalists at nearly $12 billion, has filed for bankruptcy. Why it matters This is a massive blow to Europe's EV manufacturing goals,

Northvolt has been seen as a cornerstone of European attempts to catch up with China and the United States in the production of battery cells, a crucial component of