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Tax billions at risk: Northvolt is threatened with extinction in Schleswig-Holstein!
Schleswig-Holstein is investing over a billion euros in Northvolt, while there is a threat of bankruptcy and high tax losses.
Tax billions at risk: Northvolt is threatened with extinction in Schleswig-Holstein!
The insolvency of the Swedish battery manufacturer Northvolt casts a major shadow over the financial planning of the federal government and Schleswig-Holstein. Loud Mercury The expected costs for German taxpayers could be over one billion euros. But what exactly went wrong?
The federal and state governments have jointly invested more than one billion euros in a plant in Heide. In 2020, the federal government guaranteed a loan worth 430 million euros for the main plant in northern Sweden. This was followed in October 2023 by a further guarantee of 600 million euros for a convertible bond from KfW, which was intended to provide Northvolt with equity capital. If everything had worked out well, the federal government could even have received shares. Unfortunately, the reality is different.
The consequences of bankruptcy
The news about the bankruptcy is alarming - originally over 3,000 new jobs were supposed to be created in Heide. But now there is uncertainty about the future use of the site, while construction work on the factory continues undeterred. However, the destination and future operator remain a mystery.
Northvolt has also announced the closure of the main factory in Skellefteå by June 30, 2025 at the latest. An investigative committee of the Schleswig-Holstein state parliament plans to examine the entire process and the question of guilt. The PwC report, which was not given to the Finance Committee to view in advance, must also be carefully examined. Much of the information published is redacted, which does not make the search for clarity any easier.
The state government's view
How is the state government dealing with the critical situation? In a report by NDR It becomes clear that Dirk Schrödter, the head of the State Chancellery, supports the market practice of convertible bonds. He emphasizes that PwC has assessed the risk as acceptable, while it expects the 300 million euro default guarantee to be paid to the federal government in a timely manner. However, a delay in payment could further aggravate Schleswig-Holstein's debt situation.
It is important for the state government to point out that the funds made available are not lost. They were clearly invested in the construction of the factory in Heide, with a large part of the sum already being used for machine down payments. But as the opposition notes: It remains unclear how much the entire project will ultimately cost and what role the guarantees will play in this context.
Looking at the international environment
This shows that despite the challenges in Schleswig-Holstein, there is a bigger picture. Countries such as the USA, China and Japan are pursuing ambitious strategies to consolidate their position in battery technology. Germany, on the other hand, is relying on a technology-open strategy, but is now targeting specific performance parameters in production.
Overall, it remains to be seen how the Northvolt matter will develop and what lessons can be learned from it. One thing is certain: the coming months will be crucial for the future of battery production – and for the finances of the state of Schleswig-Holstein.