KIEL (dpa-AFX) - Schleswig-Holstein wants to shoulder the financial burden of the crisis at Swedish battery manufacturer Northvolt with additional debt. This involves 300 million euros, which the state has assumed as a deficiency guarantee and must now pay to the federal government. The state aid is for the construction of the battery factory in Heide.

"The state government will propose to the state parliament the budgetary requirements for a possible payment to the federal government with the postponement list," said Finance Minister Silke Schneider (Greens) in the Finance Committee. The 300 million euros should also only be available for the stated purpose with a single budget.

Once the Budget Act 2025 comes into force, the payment would have to be made within 30 days - so probably by the beginning of March at the latest, said Schneider. The debt brake allows for this additional debt. The federal government's request for payment has not yet been received. In addition, a payment of the sum in 2024 is not legally required.

Federal government wants to repay bond as early as December

The company Northvolt, which is building a factory near Heide, has applied for restructuring proceedings under US insolvency law. This also puts around 600 million euros at stake, which Northvolt has received from the state-owned development bank KfW and for which the federal and state governments are each providing half of the guarantee.

According to the Federal Ministry for Economic Affairs and Energy, the payment by the state-owned bank has already been made and forwarded to the German subsidiary. Due to Northvolt's filing for Chapter 11 bankruptcy protection in the USA, the bank could not expect to get the money back from the battery manufacturer. The German government will therefore reimburse KfW for the value of the bond plus ancillary costs in December.

Outcome of the restructuring proceedings uncertain

However, there is also a chance that Northvolt will repay the 600 million euros plus ancillary costs. However, this would require successful restructuring proceedings./xil/DP/ngu