There is apparently an agreement on the future of the German assets of the insolvent Swedish battery cell manufacturer Northvolt. The US start-up Lyten has agreed on a takeover price of around 60 million euros for the wasteland near Heide with the state development bank KfW and the federal and Schleswig-Holstein governments, according to a report by Spiegel.
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This corresponds to information that is also available to the German Press Agency. However, an official confirmation is still pending. “The state government is continuing to hold talks with Lyten,” said a spokesman for the Ministry of Economic Affairs. The cabinet and two state parliament committees would deal with the issue next week. Until then, the government will not comment on the issue.
Lyten wants to build a battery cell factory, a battery storage facility and a data center on the property near Heide. Instead of the around 3,000 jobs originally planned by Northvolt, there will only be around 1,000. Before the Northvolt bankruptcy, the state development bank KfW issued a convertible bond worth around 600 million. The federal and state governments each guaranteed half.
In the course of the takeover of the German Northvolt subsidiary by Lyten, the federal and state governments were able to secure 153 million euros. The financial damage to Schleswig-Holstein is more than 200 million euros, but will decrease somewhat due to the sale of the property.
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