From Irina (OilPrice) Slav's substack, March 13:
Because of course
Northvolt has filed for bankruptcy in Sweden as was expected. They are blaming governments for not giving them enough money. After raising $15 billion over nine years in subsidies and investments from non-government entities. That’s $15 billion down the drain and not a single lesson learned.
“It is a strategic failure. Brussels has sat on the bench and been a witness to this but not done anything about it,” one Northvolt shareholder apparently said, per the FT.
“You will not reach this goal of having a European battery sector if you let private investors purely take financial decisions not based on political goals,” some “battery executive” that the FT didn’t name said.
So, what they are saying, loud and clear, is that the battery industry is completely unviable in Europe unless governments make it viable with lots and lots of money — for how long? Because it certainly hasn’t worked all that well for wind and solar, either. “But China did it,” the industry whines, including Northvolt’s interim chairman Tom Johnstone....
....MUCH MORE
Rather a sharp-tongued woman.
Most recently:
January 31 - Batteries: Sweden's Northvolt Scrambles To Avoid Liquidation
The company is already in reorganization.November 3034 - "Battery unicorn Northvolt files for bankruptcy, upending Europe’s industrial plan"
And many more going back to the early investors.
