Northvolt, once hailed as Europe's green tech hope, filed for bankruptcy in March 2025 after failing to meet production targets and losing significant investments. Co-founders Peter Carlsson and Paolo Cerruti, former Tesla employees, had ambitious plans for a lithium-ion battery hub in Europe. Despite raising over $13 billion and building factories in Sweden, production delays and financial losses led to its downfall. The acquisition of Northvolt's assets by Lyten in August 2025 raises questions about the future of Sweden's battery industry and the lessons learned from Northvolt's journey.