Europe’s best-funded start-up raised $15bn but was left with just $30mn in cash
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, the Stockholm-based company said.
Current and former employees have told the Financial Times that the fall of Northvolt was due to a litany of issues, from mismanagement and overspending to poor safety standards and over-reliance on Chinese machinery. Several investors had privately urged Carlsson to resign to take responsibility for Northvolt’s dramatic fall from grace.
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