Battery factory near Heide
Habeck at Northvolt “cautiously optimistic”
The battery manufacturer Northvolt has filed for bankruptcy protection in the USA. The construction of the factory near Heide is not officially affected. Federal Minister of Economics Habeck talks about the problems.
Federal Minister of Economics Robert Habeck expressed cautious optimism about the situation at the Swedish battery manufacturer Northvolt. “Of course Northvolt has problems,” the Green politician told the German Press Agency. The main reason is that the number of batteries produced in the Swedish factory is not high enough. “But these are technically solvable problems.”
The financially troubled Swedish battery manufacturer applied for restructuring proceedings in the USA on Thursday under Chapter 11 of the US bankruptcy law. “The procedure you have now chosen can turn out well,” said Habeck. Many companies have already rehabilitated themselves. He knows of investor interest and hopes that a reorganization will succeed. “We need our own European battery production.”
With regard to the planned factory near Heide in Schleswig-Holstein, Habeck said that things would continue there for the time being. “If the parent company repositions itself and the investors come back in, then the perspective is clearly given and secured.” But the problems must be taken seriously. He is “cautiously optimistic.”
Northvolt had emphasized that the German subsidiary was financed independently of the parent company and was not part of the Chapter 11 proceedings. The construction project at Heide remains a strategic cornerstone.
With the chosen step, Northvolt wants to protect itself from creditors’ claims while it struggles for its future as an independent company. The company announced that the step would provide access to new sources of financing. $100 million would be provided to the company by a customer company as part of a type of bridge financing. In addition, Northvolt will receive access to around $145 million (so-called cash collateral) from lenders.
Northvolt has long been considered a great hope for the European automotive industry when it comes to battery production for electric cars. The company’s largest shareholder is the German car manufacturer Volkswagen. The owners also include the US investment bank Goldman Sachs and BMW.
dpa
Source: Stern
