STOCKHOLM (Reuters) - The bankruptcy of battery cell maker Northvolt, once the leader of Sweden's green industrial boom, is a huge blow to the country's north and particularly the small town of Skelleftea.

Citing two sources, DN reported that Northvolt's board would file for bankruptcy on Wednesday for "the entire Swedish business" if the company fails to raise new funding by then. Northvolt's board is expected to make a definitive decision about the company's future Tuesday evening or early Wednesday, DN reported.

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,