Sweden's Northvolt, already bankrupt in the US, will go out of business and its assets sold in its home country. The most obvious competitor of Chinese manufacturers of EV batteries, its failure is a huge negative in a European elitist dream of carbon-free transportation.
etn.news
Millions of dollars in government subsidies will have evaporated with its demise, including losses to Goldman Sachs and Volkswagen.
Its optimistic blurb on its still present website says this:
" The world is turning its back on fossil fuels. With the change comes new opportunities and new demands for industry. Together, let's build a cleaner world."
According to Apollo News the German connection involved this:
Northvolt was originally supposed to build its own factory in Schleswig-Holstein. The company received subsidies totaling €700 million for this. Habeck also publicly and enthusiastically supported the project. "The industrial strategy is working," the Green Party politician praised the construction of the factory on NDR at the time . Habeck and Schleswig-Holstein's Minister President Daniel Günther even attended the groundbreaking ceremony for the factory.
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