For transparency and my own agenda, I strongly dislike our previous government, the Social Democrats with the support of the Green Party and the tacit acceptance of the Left Party, who ruled Sweden for 8 years. At the last election, I voted for the current government. It was the previous government that went to bed with Northvolt and invested enormous amounts of tax dollars.
According to Bloomberg, is the battery developer and manufacturer Northvolt extremely close to arranging financing for a $271,500,000 bailout that would reduce the risk of bankruptcy if the money is arranged this week. Two Swedish pension companies, the pension giant AMF and the state AP funds, may consider investing even more of the pension savings to save Northvolt. Since before, the two companies have invested $724,100,000 of the Swedish pension savings money. Money at risk of being lost in a bankruptcy. Any word that contains green in any form is kryptonite for politicians and people who handle tax dollars.
Founded in 2016, Northvolt was up and running on December 29, 2021 when they produced their first lithium-ion battery. With full production lines and staffing, the facility expected to produce 60 GWh of batteries with 3,000 employees. During the first three quarters of 2023, the factory output was 79.8 MWh.
Even the world's most perfect teenager understands that continuing to invest in Northvolt is like going to the vet with a roasted chicken.
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