Beleaguered Swedish battery manufacturer Northvolt announced on Thursday that it was filing for bankruptcy in the U.S., striking a blow to Europe’s ambitions for homegrown lithium-ion batteries.

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 major Swedish battery maker, filed for bankruptcy in the U.S., seeking to restructure the debt it had taken on to pay for its rapid expansion.

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

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

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

Northvolt’s chief executive has resigned a day after Europe’s big battery hope filed for bankruptcy in the US. Peter Carlsson took responsibility for the dramatic collapse during a town-hall meeting with employees on Friday morning,

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 has been seen as a cornerstone of European attempts to catch up with China and the United States in the production of battery cells, a crucial component of