The Minister of Finance: Not Currently Relevant to Help Northvolt

Taxpayers' money is not at risk. This is Finance Minister Elisabeth Svantesson's (The Moderate Party) message in the aftermath of Northvolt's problems. And no help from the state can the company count on. It is not current now.

» Updated: September 23 2024

» Published: September 10 2024

The Minister of Finance: Not Currently Relevant to Help Northvolt
Photo: Northvolt Presskit

The state has not lent any money to the battery giant. The funds the public sector has contributed, via various authorities, amount to 600 million kronor, via the industrial leap and other means, according to the Minister of Finance.

There has been a lot of speculation in recent weeks about the state's involvement and how much of taxpayers' money is at stake. So, it's supposed to be many billions here. And that's not the case, says Svantesson to TT.

On the other hand, there are a lot of state-issued loan guarantees via the Riksgälden.

Yes, but these are loans that have never been paid out.

Does she feel any concern that the giant investment, primarily in Skellefteå, might come to nothing?

Of course, I want it to go well for Northvolt and all the people who have invested time, effort, and money, as well as those who work there. Of course, I'm following this development very closely.

Do you have contact with the management?

Yes, I have contact. There are many in the government who have contact with many different companies and firms. And also with Northvolt, says Svantesson.

If the company encounters financial problems. Is the government then willing to help?

That's not currently relevant. On the other hand, of course, the people who are laid off, as we're talking about, we can support further. But this is a matter for the company to resolve.

There are critics in your own government that the state is getting too involved here in northern Norrland. What do you say about that?

But you have to evaluate each company and each project individually. Then you have to remember that it's primarily technological transformation that the state is supporting, not individual companies. And Sweden is at a very low level compared to many, many other countries when it comes to supporting companies, says Svantesson.

Tags

TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Weekend Push for New Industrial
2 MIN READ

Weekend Push for New Industrial Agreement as Deadline Looms

Swedes Opt for Europe as
3 MIN READ

Swedes Opt for Europe as US Travel Bookings Drop 30 Percent

Energy Efficiency Boosts Villa Prices
1 MIN READ

Energy Efficiency Boosts Villa Prices in Sweden's Real Estate Market

Elon Musk's XAI Acquires Platform
1 MIN READ

Elon Musk's XAI Acquires Platform X in Major Tech Move

Inflation Concerns Drag Down Wall
1 MIN READ

Inflation Concerns Drag Down Wall Street Indices

Sweden Seeks New Investors for
1 MIN READ

Sweden Seeks New Investors for Bankrupt Northvolt Battery Firm

US Inflation Surprises with Higher
1 MIN READ

US Inflation Surprises with Higher Than Expected February Rate

Li Ka-Shing Halts Sale of
1 MIN READ

Li Ka-Shing Halts Sale of Panama Canal Ports Amid Beijing Pressure

Princess Madeleine Addresses Criticism Over
2 MIN READ

Princess Madeleine Addresses Criticism Over New Skincare Venture

Stockholm Stocks Slide 4.5 Percent
1 MIN READ

Stockholm Stocks Slide 4.5 Percent in a Week as US Inflation Hits

French Inflation Dips Below Expectations,
1 MIN READ

French Inflation Dips Below Expectations, Impacting ECB Decisions

Cautious Consumer Spending Sees Slight
1 MIN READ

Cautious Consumer Spending Sees Slight Uptick in Sweden's Retail Sales

SSAB Faces Financial Supervisory Authority
1 MIN READ

SSAB Faces Financial Supervisory Authority Probe Over Reporting Rules

79,000 Swedes Face Student Debt
1 MIN READ

79,000 Swedes Face Student Debt with Enforcement Authority in 2024

Royal Expert Questions Princess Madeleine's
3 MIN READ

Royal Expert Questions Princess Madeleine's Skincare Venture

Gold Prices Reach New Heights
1 MIN READ

Gold Prices Reach New Heights as Trade Tariff Concerns Grow

Asian Markets Tumble as Investors
1 MIN READ

Asian Markets Tumble as Investors Brace for New US Tariffs

Trump's Tariff Plan Could Drive
2 MIN READ

Trump's Tariff Plan Could Drive Up Car Costs, Impact US Market

Ubisoft and Tencent Invest $1.25
1 MIN READ

Ubisoft and Tencent Invest $1.25 Billion in New Gaming Subsidiary

Sweden to Build Major Carbon
2 MIN READ

Sweden to Build Major Carbon Capture Facility in Stockholm by 2028

Wall Street Dips as US
2 MIN READ

Wall Street Dips as US Car Giants Slide on New Tariff Announcement

Vattenfall Prepares Autumn Application as
2 MIN READ

Vattenfall Prepares Autumn Application as Sweden Backs Nuclear Expansion

US Car Tariffs Threaten Swedish
2 MIN READ

US Car Tariffs Threaten Swedish Auto Industry, Warns Dousa

Nordic Nations Unite to Tackle
1 MIN READ

Nordic Nations Unite to Tackle Unsafe Products from Temu and Shein

Volvo Recalls 73,000 Hybrids Over
1 MIN READ

Volvo Recalls 73,000 Hybrids Over Fire Risk in Battery Charging

Four Charged in Nasdaq Stockholm
2 MIN READ

Four Charged in Nasdaq Stockholm Insider Trading Scandal

European Car Stocks Drop After
1 MIN READ

European Car Stocks Drop After US Tariff Announcement

Trump Warns EU and Canada
1 MIN READ

Trump Warns EU and Canada of Higher Tariffs Over Economic Moves

Sweden's FI Pushes for Clearer
1 MIN READ

Sweden's FI Pushes for Clearer Mortgage Rate Discount Notices

Trump's Trade Tariffs Add Pressure
2 MIN READ

Trump's Trade Tariffs Add Pressure to H&M's Struggling Sales

US Implements 25% Car Tariffs
2 MIN READ

US Implements 25% Car Tariffs to Boost Domestic Production

Sweden to Cut Ties with
3 MIN READ

Sweden to Cut Ties with Underperforming Job Placement Firms

US Tariffs Trigger Global Stock
1 MIN READ

US Tariffs Trigger Global Stock Market Dip; Volvo and Banks Hit Hard

SBAB Increases Fixed-Rate Mortgage Interest
1 MIN READ

SBAB Increases Fixed-Rate Mortgage Interest by 0.10 Points

Second-Hand Market Sees Over 40
1 MIN READ

Second-Hand Market Sees Over 40 Percent Drop in February

Tokyo Stocks Dip as US
1 MIN READ

Tokyo Stocks Dip as US Tariff Threats Shake Asian Markets

Japanese Car Stocks Tumble After
1 MIN READ

Japanese Car Stocks Tumble After Trump's Tariff Announcement

US Considers Lower Tariffs for
1 MIN READ

US Considers Lower Tariffs for China in Tiktok Sale Deal

Trump's Vehicle Tariffs Spark EU
2 MIN READ

Trump's Vehicle Tariffs Spark EU Regret and Market Reactions

Wall Street Dips as Traders
2 MIN READ

Wall Street Dips as Traders Brace for Trump's Tariff Announcement