Unfunded Household and its Acquisition Prospects by 2025, sans Northvolt Support - Budget excluding Northvolt aid – potential takeover in 2025?
In a significant development, US battery specialist Lyten from San José has announced it will take over all remaining Northvolt sites, including Northvolt Drei in Heide, Germany. The future of a Gigafactory for electric vehicle batteries in Schleswig-Holstein, initially intended for Northvolt, remains uncertain due to the insolvency of the Swedish manufacturer.
The takeover negotiations between Northvolt and Lyten are scheduled to be completed by the end of 2025, according to Economic Minister Claus Ruhe Madsen. However, the minister could only provide further details on the ongoing negotiations under the exclusion of the public in the committee.
Lyten, known for its expertise in lithium-sulfur batteries, which are used in drones, has reportedly presented initial floor plans for the site in Heide. The EU Commission's planned funding of around 700 million euros, allocated through the Temporary Crisis and Transition Framework (TCTF), was intended for Northvolt but has not yet been paid out.
The funding, which was not claimed this year due to ongoing takeover negotiations, may be removed from the budget for 2026, as discussed in the coming week. The Schleswig-Holstein Finance Minister, Silke Schneider, plans to remove 137 million euros of funding for a battery cell factory in Heide from the current budget.
The CDU politician, Claus Ruhe Madsen, stated that they are currently clarifying which conditions must be met for a takeover. The minister expects the money to be claimed in 2025, but a precise timeframe was not mentioned. The contract is expected to be signed by Lyten still this year, subject to approval from European regulatory authorities.
The FDP MP Bernd Buchholz remains skeptical about the potential investor Lyten and calls for closer involvement of the opposition and comprehensive updates from the state government. The economic minister emphasized that the plans must be specified to make an assessment as to whether the business model appears successful for the German location.
As the negotiations progress, the community in Heide and the wider Schleswig-Holstein region awaits clarity on the future of the Gigafactory and the potential investment by Lyten. The outcome of these negotiations could significantly impact the region's transition towards a more sustainable and electric future.
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