Chinese giant investment in Timrå scrapped

The grand plans for a gigantic battery anode factory in Timrå, north of Sundsvall, are now being completely shelved, writes Dagens industri.

According to the plans, the factory would have employed 1,900 people. The investment was estimated to amount to 13 billion kronor and among the intended customers was the battery manufacturer Northvolt. But just before Christmas, the Chinese owners received a no on their application from the Inspectorate for Strategic Products (ISP) unless the company accepted the conditions set.

But now, the China-owned Shanghai Putailai (in Sweden called PTL) announces that the company is shelving the plans.

"The business prerequisites for the investment unfortunately no longer exist", says Dr Yu Han, PTL's chief representative in Europe in a press release.