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.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Debt, IT woes and no chief executive What returning Asda boss has in store
Allan Leighton faces a back-to-thefuture challenge as he once again takes charge at struggling Asda.
Sweeney's RFU salary rises to £1.1m amid job cuts and losses
The Rugby Football Union chief executive, Bill Sweeney, was paid £1.1m for the 2023-24 financial year despite record losses and swingeing job cuts at the governing body.
'Probably more out than in' Salah leans towards exit with Liverpool yet to offer new deal
Mohamed Salah says he is disappointed Liverpool have not offered him a new contract and feels \"probably more out than in\" in terms of staying beyond the end of the season.
Reds' contract dance with Salah was always likely to be complex
Revamp after Jürgen Klopp's exit did not help and time is short for Liverpool to make their talisman feel wanted
Guardiola insists ageing squad is not behind City's alarming drop in form
Pep Guardiola has denied that a key factor in Manchester City's run of five consecutive defeats is that nine of his squad are aged 30 or older, with the manager pointing to how the same players were Premier League champions last season.
Wan-Bissaka seals West Ham win to take heat off Lopetegui
On a bitterly cold Tyneside night, West Ham finally remembered how to fight back.
Arteta seeks ruthless edge to fix away-day woes in Europe
Mikel Arteta has challenged his Arsenal team to fix their patchy European away form against a vibrant Sporting tonight, admitting they need to improve a record of one win in their past eight continental trips.
I've got my mojo back ... I actually felt unwell at the end at Chelsea'
After recharging her batteries in the US, Emma Hayes reflects on the grind of club coaching and fresh ambitions
Spurs blow as Vicario faces long spell out after surgery
Guglielmo Vicario has had surgery to repair an ankle fracture sustained in Tottenham's 4-0 Premier League win at Manchester City on Saturday.
Verstappen in 'that club' with Senna and Hamilton
Red Bull chief Horner claims his driver's fourth, and most challenging, world title puts him in same class as the greats
