STORY: The owners of Northvolt have voted to continue operations while it tries to sort out its finances.

The Swedish electric vehicle battery maker made the announcement Wednesday.

Northvolt went from Europe's best shot at an EV battery champion to seeking bankruptcy protection in a matter of months last year.

The firm was hit by production and funding problems.

Its owners, which includes Volkswagen and Goldman Sachs, met in Stockholm.

They voted on whether to liquidate the group or allow the Chapter 11 restructuring overseen by a U.S. court to continue.

Northvolt said it continues to make progress in the restructuring process.

All while ramping production and executing on its transformation.

Northvolt's motto is "make oil history."

It has received more than $10 billion in equity, debt and public financing since its founding in 2016.

At the time of its Chapter 11 filing in November the firm had 6,600 employees in seven countries and debts of $5.8 billion.