Europe’s ambitions to lead the world in green technologies risk fizzling out in the face of China’s dominance. The outlook is especially bleak when it comes to electric vehicle batteries, an important driver of the low-carbon economy.

F EW European startups have attracted as much attention—and none as much capital—as Northvolt. On November 21st the Swedish maker of batteries for electric vehicles ( EV s), and a would-be European champion, went bankrupt, having raised $15bn from governments and investors. Its boss, Peter Carlsson, resigned shortly after.

Northvolt's financial collapse deals a blow to Europe's plan to set up its own battery industry to power electric cars, stirring a debate about whether it needs to do more to attract investment as startups struggle to catch up with Chinese rivals.

I t was supposed to be a battery pioneer, a symbol of European competitiveness and an example of industrial policy done right. Yet on November 21st Northvolt, Europe’s best-funded startup, filed for bankruptcy. A day later its boss and founder, Peter Carlsson, announced his resignation. What went wrong?

The CEO of Northvolt, Peter Carlsson, today resigned amongst ongoing fallout from the Swedish EV battery maker’s U.S. Chapter 11 bankruptcy filing.

Beleaguered Swedish battery manufacturer Northvolt announced on Thursday that it was filing for bankruptcy in the U.S., striking a blow to Europe’s ambitions for homegrown lithium-ion batteries.

The chief executive of Northvolt stepped down on Friday, shortly after the Swedish battery maker filed for Chapter 11 bankruptcy protection in the U.S.