Overview

• Northvolt filed for insolvency in Sweden on March 12, putting its under-construction Heide gigafactory in Schleswig-Holstein at risk.
• The German federal government and Schleswig-Holstein provided over €1 billion in loan guarantees and a convertible bond to support Northvolt’s expansion.
• A PwC audit highlighted financial and operational risks for the Heide project that were not fully disclosed to the state parliament’s finance committee.
• Opposition parties have forced the creation of a mediation committee to push for the unredacted release of government documents on Northvolt’s funding.
• Scania has formed a consortium to acquire Northvolt Labs and preserve European battery research capabilities as investor talks for the Heide site continue.