Sweden's Northvolt seeks US Chapter 11 bankruptcy protection in the U.S. Chapter 11 bankruptcy protection, the cash-strapped company said on Thursday. Northvolt went in a matter of months from being Europe's best shot at a home-grown electric-vehicle battery champion to racing to stay afloat by slimming down,

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.

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

Northvolt, the Swedish maker of battery cells for electric vehicles, said on Thursday it has filed for Chapter 11 bankruptcy protection in the U.S., and said it has secured $100 million in new financing for the process.

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,

Swedish truckmaker Scania said on Thursday it will lend Northvolt $100 million as part of the struggling Swedish battery maker's U.S. Chapter 11 bankruptcy protection deal.

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