Sweden’s Northvolt AB was Europe’s best hope of rivaling the giant Chinese companies that make most of the world’s electric vehicle power cells.

It ran out of money after a series of operational blunders and filed for bankruptcy protection in November, giving its owners a temporary lifeline while they cast around for fresh funds and new partners.

How did Northvolt unravel?

If it was going to have a chance of competing with Contemporary Amperex Technology Co. and other Chinese battery makers, Northvolt needed to grow fast.