Battery maker Northvolt has filed for bankruptcy in Sweden, dealing a blow to Europe’s battery manufacturing capabilities. The firm said that it had made an “exhaustive effort…to secure a viable financial and operational future for the company”,

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.

STOCKHOLM (Reuters) - Northvolt, the Swedish maker of battery cells for electric vehicles, said on Wednesday it has filed for bankruptcy in Sweden, bringing to an end Europe's best hope of developing a rival to major Asian EV battery players.