The European Investment Bank (EIB), a major lender, is reportedly involved in ongoing discussions.
The sale of the bankrupt Northvolt's battery factory in Skellefteå faces significant complications, Ekot reports. Heavily burdened by substantial loans and with the departure of many major customers, finding a suitable buyer is proving to be a challenging task.
According to Ekot's sources, the sheer scale of Northvolt's debt, involving 17 different lenders, is a major obstacle. These lenders effectively hold significant ownership of the factory's assets until their loans are repaid, or they agree to alternative arrangements.
This necessitates that the bankruptcy trustee, Mikael Kubu, not only negotiates with potential buyers but also secures the approval of these numerous lenders for any deal. One source described the trustee as having "his hands tied" due to this requirement.
The European Investment Bank (EIB), a major lender, is reportedly involved in ongoing discussions. While the EIB is believed to be keen on maintaining battery production in Europe, the ultimate fate and ownership of the Skellefteå plant remain uncertain.
Adding to the difficulties, according to Ekot, many of Northvolt's major customers, with the notable exception of Scania, have ceased their interest in continued production at the Skellefteå facility.
This includes prominent names such as Porsche and BMW, says Ekot.
– In practice, it is Scania that is carrying the production right now, a source told Ekot, highlighting the urgency to either find a buyer or secure external financing to sustain operations beyond May, the current timeframe decided by the bankruptcy trustee.
Christian Levin, CEO of Scania, has ruled out the purchase of Northvolt.
Meanwhile, Scania, a key customer currently supporting production, has explicitly stated it has no intention of acquiring Northvolt's bankruptcy estate. In an interview with Di in connection with Scania owner Traton's report, CEO Christian Levin firmly stated:
– Our role is to be a customer, he said. He clarified that buying the Skellefteå factory is "No" option for the company.
At an investor conference, Levin also assured that Scania foresees no risk of battery cell shortages if the flow from Northvolt were to stop. He announced that the company would begin phasing in a new battery cell supplier this summer.
– We see no risk of any major interruptions in our deliveries, Levin stated, acknowledging a potential ramp-up period with lower volumes as they integrate the new supplier.
Looking ahead, Christian Levin expressed hope that Scania will recover the billion-krona loan it provided to Northvolt during the American reconstruction process. Scania holds Northvolt Labs in Västerås as collateral for this loan.
– Of course, we hope that there will be a buyer who takes over both Skellefteå and Northvolt Labs, and in that case, we would sell the mortgage and get our money back with interest, Levin concluded.