Battery production
Habeck sees a chance of repaying the Northvolt loan
Is the German state at risk of losing millions as a result of the Northvolt problems? Economics Minister Habeck is confident that these can be averted.
Federal Minister of Economics Robert Habeck has rejected speculation about a possible 600 million loss for the federal and state Schleswig-Holstein due to the Northvolt financial problems. The headlines he had to read were “simply not appropriate for the matter,” said the Vice Chancellor during his visit to Nairobi.
The financially troubled Swedish battery manufacturer Northvolt has filed for bankruptcy protection in the USA. The company filed for restructuring under Chapter 11 of the US Bankruptcy Code. According to the company, its battery plant, which is being built in Heide, Schleswig-Holstein, is not affected.
The financial problems had sparked speculation that the crisis at Northvolt could be expensive for the federal government and the state of Schleswig-Holstein. The ailing company received around 600 million euros from the state development bank KfW, for which the federal and state governments each guaranteed half.
The Green Party politician Habeck said in Nairobi that Northvolt is now going through a restructuring process. “Many other companies have already done this successfully.” Hopefully this will make Northvolt more attractive to new investors. “And if that happens, and the company repositions itself, then the loans granted to it will also be repaid. And I am not without hope that that is exactly what will happen.”
Technical problems led to the financial problems at Northvolt, said the Economics Minister. “But they are solvable.” Other companies have also “returned strongly to the market” after going through Chapter 11 proceedings.
dpa
Source: Stern
