US EditionPlanned Factory in Schleswig-Holstein - Northvolt Insolvency: 153 Million Euros Paid Back From German Tax Money
12 Articles
12 Articles
Following the insolvency of the Swedish battery manufacturer Northvolt, the loss for the German state is lower than previously feared.
Northvolt was considered to be a great hope for the automotive industry in Europe. In order to ensure that German manufacturers are supplied with batteries, the state assumes a three-digit million-dollar guarantee in 2020 - but the company goes bankrupt. Now there is good news for taxpayers.
The federal government and the state of Schleswig-Holstein can save part of the funding from the Northvolt bankruptcy. Part of the convertible bond flows back, further millions are to follow.
The insolvency of the Swedish battery manufacturer Northvolt seems to secure some 153 million euros of taxpayers' money. Further millions are expected to follow. Thus, the bankruptcy costs the German taxpayer less than initially assumed.
Tax resources secured: Part of the convertible bond flows back, further millions are to follow: Like the federal government and the state of Schleswig-Holstein save part of the funding despite the Northvolt bankruptcy.
Tax resources secured: The federal government and the state have saved money from the state KfW loan, which the meanwhile insolvent Swedish battery manufacturer Northvolt had received. Further money is to be returned to the state treasury in the summer.
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