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

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's financial collapse deals a blow to Europe's plan to set up its own battery industry to power electric cars, stirring a debate about whether it needs to do more to attract investment as startups struggle to catch up with Chinese rivals.

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

Northvolt, an electric vehicle battery-maker based in Stockholm, Sweden, has filed for US Chapter 11 bankruptcy protection.

Battery champion became a symbol of Europe’s ambitions and then its failings on its way to Chapter 11 proceedings

Northvolt, the Swedish maker of battery cells for electric vehicles, filed for Chapter 11 bankruptcy protection in the United States with debts of $5.8 billion and only $30 million in cash. Here are Northvolt's creditors listed in its Chapter 11 bankruptcy filing: NORTHVOLT AB UNSECURED DEBT FACILITIES Total Northvolt AB Debt: $3.