Northvolt, a Swedish battery company owned in part by Volkswagen and Goldman Sachs has filed for bankruptcy in its own country. The news was broken by Reuters and could have serious ramifications for several automakers.

On Tuesday evening, reports spread quickly that battery manufacturer Northvolt may be nearing bankruptcy, with Dagens Nyheter being the first to report it. Two independent sources told DN that Northvolt plans to file for bankruptcy on Wednesday if it fails to secure new capital on Tuesday.

Northvolt has experienced a series of compounding challenges in recent months that eroded its financial position, including rising capital costs, geopolitical instability, subsequent supply chain disruptions,

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,