Source: Financial Times [UK]
“Sweden’s government has ruled out a financial rescue of Northvolt as the country’s green battery start-up fights for survival. Ulf Kristersson, the centre-right prime minister, said on Monday that Sweden wanted to position itself as a leading country for the green transition with new companies such as Northvolt and H2 Green Steel supplying established groups such as Volvo Cars and Atlas Copco. But he added: ‘There is no question of the Swedish state going in and becoming a shareholder. Right now, the ball is in the court of Northvolt’s shareholders.’ … Despite becoming the first company in Europe to produce a cell from a homegrown gigafactory in late 2021 at its factory in Skelleftea just below the Arctic Circle, Northvolt has grappled with scaling up its production. The lossmaking group is desperately seeking to raise fresh capital as it focuses on its first gigafactory.” (09/16/24)