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., dealing a blow to Europe's hopes that its most developed battery player would reduce Western car makers' reliance on Chinese rivals.

Northvolt has just $30 million in cash and $5.84 billion in debt, but says it can emerge from restructuring in Q1 2025

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