Overview

• Northvolt Germany TopCo GmbH has entered a restructuring procedure, separate from the Swedish parent company’s insolvency filing in March 2025.
• The Bundesrechnungshof is actively auditing over €1 billion in federal and state-backed support for the Heide battery project, including a €600 million KfW convertible bond.
• SPD alleges that Schleswig-Holstein's government ignored internal risk assessments when approving guarantees for Northvolt, citing internal emails highlighting time pressures and information gaps.
• Volkswagen and BMW, key investors in Northvolt, have written down their stakes as financial difficulties mounted and production goals were missed.
• Construction at the Heide facility continues despite uncertainty over the repayment of public funds and the project's future viability.