Northvolt's financial collapse has not entirely crushed Europe's dream of developing its own electric vehicle batteries, but fulfilling it is likely to require Chinese cash and expertise.

InoBat CEO Marian Bocek's Slovakian start-up had to work hard to secure funding until China's fifth-largest battery maker Gotion bought a 25% stake last year and formed a joint venture with InoBat to build European gigafactories.

On Friday, InoBat announced €100 million ($104 million) in Series C funding, taking its total raised to well over €400 million.