The company and its assets will be sold after it filed for bankruptcy in Sweden, sinking Europe’s best hope for competing against Asian rivals.

This move comes amid geopolitical instability, rising capital costs, supply chain disruptions, and shifts in market demand.

Battery cell maker Northvolt has filed for bankruptcy in Sweden, the company said on Wednesday, marking one of the country's largest corporate failures and effectively ending Europe's best hope of developing a rival to challenge China.