The goal of an independent European battery production is increasing: after a month -long hanging game, the Swedish manufacturer has Northvolt Registered bankruptcy in his home country. “We did not make the decision easy,” said administrative council chief Tom Johnstone at a press conference on Wednesday. The management of the most important European electric car battery provider has previously checked all possible options. The only viable way is the bankruptcy application, emphasized Johnstone. The Swedish government announced that he wanted to support Northvolt in the search for a new owner.
The Germany– And the North America subsidiary, however, would not have filed for bankruptcy, emphasized Northvolt. The administrator will decide on their future in consultation with the creditors.
Shock waves in Skellefteå
In Northvolt’s headquarters Skellefteå, the bankruptcy triggered shock waves. Mayor Lorets Burman and head of administration Kristina Sundin Jonsson emphasized that the Swedish government must now provide support because both the city and the province were overwhelmed. The employees are initially paid for by a state wage guarantee, the production is to be continued to a reduced extent. The employees have a lot of unrest, especially since the residence permit from many employees from abroad is linked to the job.
Heavy times are now breaking for the city and the province, said sundin Jonsson. According to Swedish media, the biggest problem was that Northvolt did not accelerate production quickly enough. It has proven to be difficult to do everything yourself when building batteries and metals to recycling.
“Banking administrator Mikael Kubu takes over and we hope that the company can be kept going,” said Sweden’s Ebba Busch Economic and Energy Minister at a press conference on Wednesday. “It is important that the systems cannot lose value and the specialist staff can be kept.” Busch continues to hope for a solution and a future for Northvolt: this is not possible to become Europe to become completely dependent on battery manufacturers from Asia.
Northvolt bankruptcy is also a problem for Porsche and Scania
Especially with Scania and Porsche, the news from the Arctic Circle should have been taken nervously. The truck manufacturer Scania had placed fully on Northvolt in the development of electric trucks in the most important component: Together they wanted to build “the most environmentally friendly battery in the world”. Scania boss Christian Levin (57) did not take care of alternatives for a long time, and the truck manufacturer is now working to be able to equip your own trucks with cells from the Chinese supplier Catl.
Levin Northvolt did not want to drop until the end, despite the allegedly 500 million euros, which has already been burned in joint projects. At the end of 2024, Scania Northvolt gave a loan of around 100 million euros, recently there was a takeover offer for the “Systems Industrial” area. The deal is currently on ice, but Scania has confirmed its interest in taking over the division inclusive to the debt. The fear of billions of billions should be completely overturned by Northvolt, was apparently tremendous at Scania. It should rise again on today.
Likewise with Porsche. There, Northvolt cells have been planned for the electrical version of the 718. Apparently there is no other supplier. The start of the model has already shifted several times due to the problems with Northvolt, originally the 718 was to be launched in 2024, was then pushed to 2025. In the meantime, the group says: at the earliest in 2027.
Habeck continued optimistic for battery cell work in Heide
In Schleswig-Holstein Heide, trembling also goes into the next round, even if the German Northvolt subsidiary is not directly affected by the bankruptcy in Sweden. Federal Minister of Economics Robert Habeck (55; Greens) was optimistic on Wednesday that an investor would be found for the planned work in the Schleswig-Holstein Heide. The federal government of 900 million euros provides for this.
“I am still hopeful that a new investor will be found through the bankruptcy proceedings-both for Heide and maybe for the Swedish parent company,” said the Greens politician. The conversations continued. Northvolt is the European company with the greatest specialist knowledge in the field of battery production. The question is therefore whether someone finds himself who puts the company on a solid leg. “This option exists,” said Habeck.
The battery cell assembly in Heide is scheduled to start next year. “We need this strategically important industry in Germany and Europe,” emphasized Schleswig-Holstein’s Prime Minister Daniel Günther (51; CDU). Similarly, Oliver Blume (56), head of the Northvolt-Gross shareholder Volkswagen. The Wolfsburg car manufacturer holds 21 percent of the company.
Schleswig-Holstein’s Minister of Economic Affairs Claus Ruhe Madsen (52) is still confident about the Heide location. “A very good developed building area was created. An asset has been created on our west coast that can also be interesting for other investors, ”said the CDU politician in the state parliament’s Economic Committee. He emphasized that Northvolt could only use funds from the convertible bond for Heide. That is through the Kfw ensured that the disposal is available. The construction site in Heide, even if the Northvolt company should not operate a future factory, could also be taken over by another battery manufacturer, according to Madsen.
High -flying plans, cloudy reality
Northvolt started in 2016 with the claim to reduce the dependence of European carmakers on Chinese battery providers such as Catl or BYD. According to data from the International Energy Agency, 85 percent of battery cell production are located in the People’s Republic.
However, the Swedish company with more than 5,000 employees fought technical problems right from the start. BMW therefore had last year Canceled a billion -dollar order.
Northvolt also creates the sluggish sales of electric cars in Europe. The European Union (EU) Provided plans for greater promotion of domestic battery production.
More on the subject
Northvolt sits on a debt mountain, which is around eight billion euros. The bankruptcy is one of the largest in Sweden’s history and the most spectacular since the end of the car manufacturer Saab more than ten years ago. Northvolt’s chairman of the board of directors expressed the hope that the business operations of the Swedish work could be maintained. However, the decision is with the insolvency administrator.