Published 1 October 2024 at 09.35
Economics. The situation for the sustainability giant Northvolt is significantly more unsustainable than previously reported, shows a survey that Aftonbladet has done together with financiers who studied the balance sheet.
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TwittraShare< p>One of the newspaper's experts says that Nothvolt is «Europe's biggest industrial fiasco in modern times».
The crisis-ridden company suffers from manufacturing losses, exorbitant loans and a write-down of the value of its factory, which leads to Northvolt approaching bankruptcy status.
According to Aftonbladet, Northvolt has bank loans totaling 16 billion, where part of the interest rates are 6.5–8.5 percent and a loan of 4.5 billion has an interest rate of a whopping 12 percent. However, it is not clear from the reporting which banks are facing these credit losses.
In total, Northvolt had debts of approximately 55 billion at the turn of the year. The assets largely consist of factories, about 60 billion, and capitalized costs for development, according to Aftonbladet.
Since the factory is not expected to lead to the profits on which the valuation is based, it is expected to be written down to 30 billion in next year's financial statements, and then the company's capital is used up and the board is obliged to file for bankruptcy, reconstruction or liquidation.
Therefore, many points to bankruptcy, specifically the largest bankruptcy in Swedish history.
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