Sweden's Northvolt seeks US Chapter 11 bankruptcy protection in the U.S. Chapter 11 bankruptcy protection, the cash-strapped company said on Thursday. Northvolt went in a matter of months from being Europe's best shot at a home-grown electric-vehicle battery champion to racing to stay afloat by slimming down,

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