Northvolt, the Swedish battery manufacturer hailed as Europe’s battery hope, has filed for Chapter 11 bankruptcy protection in the USA. The company faces substantial debts of $5.8 billion and has reported only $30 million in liquid assets left. Despite the challenges, Northvolt plans to continue construction of its battery plant in Heide, Germany, independently from the bankruptcy proceedings. Experts predict the company needs between $1 billion to $1.2 billion to stabilize financially, while some analysts anticipate a potential rebound in electric vehicle sales.