Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.
With only $30 million — one week’s cash — left in its accounts, Sweden’s onetime battery wonder Northvolt filed for bankruptcy protection in the US. It’s a rough wake-up call for Europe about the future of its broader electric-vehicle industry. Northvolt failed to secure rescue funding, casting doubt on the bloc’s ability to stand up an independent supply chain for EVs to counter Asian dominance. We’re told the Stockholm-based firm decided to take the US legal route to provide a familiar framework for existing investors and third parties that have shown interest in contributing financing. The move caps months of talks with owners, customers and creditors to find a way for a rare homegrown European EV-battery maker to move forward.
