What We Can Learn From The Stunning Business and Operational Collapse of a European Tech Icon
On November 21, 2024, Europe's most promising battery startup, Northvolt, filed for bankruptcy and its CEO, Peter Carlsson, resigned. This stunning development came after the company raised $15 billion from elite investors like Goldman Sachs, BlackRock, and Volkswagen. Northvolt had secured over $50 billion in battery orders from major automakers such as VW, BMW, and Scania. Earlier in the year, JPMorgan led a record-setting $5 billion green loan package for the company. Northvolt symbolized Europe’s aspirations to compete in the critical battery sector.
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