Peter Carlsson, who has led Northvolt since 2016, will step aside with immediate effect, the company said yesterday.
Carlsson said Northvolt, which is widely seen as a leading player in European efforts to build an electric vehicles battery industry, needs to raise between $1bn and $1.2bn (£800m-£950m) in order to restore the business.
Northvolt has built a factory in Sweden where it hopes to use green energy to produce hundreds of thousands of EV batteries each year. It was the most prominent of a host of European startups hoping to challenge the dominant Asian battery industry.
However, it has tipped into crisis in recent months as cash ran dry and it experienced problems getting its first factory up and running.
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