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.

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., and said it has secured $100 million in new financing for the process.

Northvolt enters Chapter 11 reorganization to secure $145 million cash collateral and $100 million financing. Operations in Germany, Canada, and Sweden will continue, ensuring obligations to stakeholders are met.

Northvolt, Europe’s EV battery leader, files for Chapter 11, seeking $245M to restructure and sustain its Swedish gigafactory amid rising competition.

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.

Sweden’s Northvolt filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas on 21 November and is on the hunt for a new

Swedish truckmaker Scania said on Thursday it will lend Northvolt $100 million as part of the struggling Swedish battery maker's U.S. Chapter 11 bankruptcy protection deal.

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

Ex-Tesla executive Peter Carlsson is stepping down as Northvolt CEO after the battery maker filed ... [+] for US Chapter 11 bankruptcy protection this week. Photo by Gregor Fischer/. The CEO of Northvolt,

By Marie Mannes, Alessandro Parodi and Stine Jacobsen STOCKHOLM/GDANSK (Reuters) - Northvolt's financial collapse deals a blow to Europe's plan to set up its own battery industry to power electric cars,