Swedish State Declines Stake in Northvolt Amid Cutbacks

Sweden will not invest in battery maker Northvolt despite the company's struggles and recent cutbacks. Prime Minister Ulf Kristersson confirmed that while Sweden supports new technology for the green transition, it cannot justify taking a stake in the company.

Sweden will not step in to take a stake in battery maker Northvolt, Prime Minister Ulf Kristersson announced during a press conference on Monday.

Northvolt, which recently revealed plans to downsize operations and reduce its workforce, has raised concerns about the future of Europe's electric vehicle battery industry. Despite these issues, Kristersson emphasized Sweden's commitment to fostering new technology but stated that government investment in Northvolt is not on the table.

"There is no doubt that we are committed to Sweden being a good place for new technology that is needed in the green transition, but it is not relevant for the Swedish state to step in and take a stake," the Prime Minister clarified.

(With inputs from agencies.)