Loss of billions: Northvolt battery factory in Heide threatens broke!
Loss of billions: Northvolt battery factory in Heide threatens broke!
Heide, Deutschland - The bankruptcy of the Swedish battery manufacturer Northvolt has a massive impact on the German tax fund. According to Merkur , the German taxpayers are expected to lose over a billion euros. The federal government and the state of Schleswig-Holstein invested more than one billion euros in this risky project to build a work in Heide. This work was originally supposed to create over 3,000 new jobs, but now the future of the site is considered. It remains unclear whether the construction work can be continued as planned and who will appear as an operator in the future.
The dimensions of the financial fiasco are evident: As early as 2020, the federal government took over a guarantee for a loan of 430 million euros for the main plant in northern Sweden. At the end of October 2023, another guarantee of 600 million euros followed for a KfW conversion bond. This should provide Northvolt equity; In the event of success, the federal government would also have received shares in the company. If you compare the situation with the Wirecard bankruptcy, which cost taxpayers around 275 million euros, the huge sum catches the eye.
political responsibility and the search for answers
Robert Habeck and Claus Ruhe Madsen, who accompanied the project, are now faced with an investigation committee that wants to take a closer look at the processes around Northvolt. The state parliament of Schleswig-Holstein will examine which mistakes have been made and who is ultimately responsible for the disaster. Former employees report a cumbersome and bureaucratic corporate culture at Northvolt, which has invested more time in administrative tasks than in production.
The discrepancies about Northvolt's financial situation have become more and more obvious in the past few months. According to reports, the company has suffered massive losses. The state government in Schleswig-Holstein only learned about the serious financial difficulties in June 2024, which raises questions about transparency. An expert opinion from PWC was not made available to the Finance Committee in advance, which has reinforced the request for more clarity from opposition politicians. However, the CDU politician Dirk Schrödter emphasizes the customary market of the convertible bond and the assessment of PWC as legally conclusive.
The resistant battery sector
In the middle of this crisis, the European battery sector also shows signs of development. The electrification of vehicles and the expansion of renewable energies have further increased demand for batteries. According to Solarwirtschaft , industry faces major challenges that could offer opportunities for long-term stability. Technologies such as lithium-ion batteries are still being optimized, while new variants such as metal ion and redox flow batteries are becoming more important.The requirements for sustainability and recycling in production are also increasingly gaining relevance. For 2024, the focus is on technology developments and the establishment of transparent supply chains. There are numerous challenges in front of the responsible actors in the industry that need to be mastered. The path is rocky, and the events around Northvolt throw a shadow on the future of battery production in Europe.
Despite the uncertainties, it remains to be seen how the situation in Heide and the further development in the European battery industry will be. The next step in the bankruptcy proceedings could bring the final clarification of financial damage and responsibilities involved.
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| Ort | Heide, Deutschland |
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