F EW European startups have attracted as much attention—and none as much capital—as Northvolt. On November 21st the Swedish maker of batteries for electric vehicles ( EV s), and a would-be European champion, went bankrupt, having raised $15bn from governments and investors. Its boss, Peter Carlsson, resigned shortly after.

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.

Northvolt transformed in a matter of months from Europe's best shot at a homegrown electric-vehicle battery champion to a struggling company.

It was Europe's flagship battery production. At least, it wanted to be. The Swedish company Northvolt was placed under bankruptcy protection. The dream thus becomes a nightmare. Founded in 2015 by former Tesla executives and renamed Northvolt in 2017,

STORY: Northvolt’s financial collapse could spell the end of Europe’s ambitions to set up its own battery industry to power electric cars. It’s sparked debate over whether the continent needs to do more to attract investment,

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.

The company’s woes are symptomatic of a wider malaise among companies that make batteries for electric vehicles.

Sweden’s ambitions of having a strong electric vehicle (EV) battery industry are overshadowed by the financial collapse of battery maker Northvolt. Last month, Northvolt summarily rejected the headhunter’s scheme and filed for Chapter 11 bankruptcy protection in the United States,