BRUSSELS — Swedish battery-maker Northvolt filed for bankruptcy in Sweden on Wednesday, marking the final unraveling of a company once seen as Europe’s standard bearer for the sector. Facing a cash crunch in November, Northvolt filed for Chapter 11 bankruptcy protection in the U.S. as it looked to raise more funds and restructure.

Europe’s ambition to lead the world in green industries was always going to be a stretch given China’s head-start in many low-carbon technologies. When it comes to electric vehicle batteries, the outlook is especially bleak.

STOCKHOLM (Reuters) - Northvolt, the Swedish maker of battery cells for electric vehicles, said on Wednesday it has filed for bankruptcy in Sweden, bringing to an end Europe's best hope of developing a rival to major Asian EV battery players.