Reviving Northvolt: A Call for EU Support Amidst Bankruptcy

Swedish battery cell maker Northvolt has filed for bankruptcy, prompting calls for the EU to amend its clean-tech funding rules to aid existing companies. Sweden's deputy prime minister, Ebba Busch, urges EU support to help Northvolt attract new ownership and compete in the European battery market.

In light of Swedish battery maker Northvolt's recent bankruptcy filing, Sweden's deputy prime minister has called on the EU to modify its clean-tech funding rules to aid struggling firms. This comes as Northvolt seeks to draw potential new owners and maintain European competitiveness against Chinese imports.

Deputy Prime Minister Ebba Busch met with EU industry chief Stephane Sejourne to advocate for expanded eligibility in funding for existing clean-tech companies, like Northvolt. Busch emphasized the need for action on EU financial support by spring to assist Northvolt during its insolvency period.

Without broader support, Busch warns Europe's clean industrial efforts could become reliant on Chinese technology. The EU, however, has committed substantial funds for innovation, presently excluding existing companies like Northvolt from receiving aid. The European Commission has yet to comment on potential policy adjustments.

(With inputs from agencies.)