Sweden’s deputy prime minister Ebba Busch has called on the European Union to amend its clean-tech funding rules to help bankrupt battery cell maker Northvolt secure a new owner.
Speaking after a meeting with European Commission industry chief Stephane Sejourne in Brussels, Busch said the current funding criteria, which favor highly innovative projects over existing technologies, risk sidelining established companies like Northvolt—one of Sweden’s largest corporate failures and a key player in Europe’s efforts to build a competitive battery manufacturing industry against China.
“The EU must move from words to action and decide on that money this spring,” Busch said, stressing that such support is “crucial” for Northvolt to survive this challenging insolvency period. She warned that if the Commission continues to support only newcomers within the battery sector, the clean industrial deal on European soil could fall into China’s hands, as Europe remains heavily reliant on imported green technologies.
Northvolt, once seen as Europe’s best hope to rival Chinese battery makers, recently filed for bankruptcy in Sweden, upending the region’s ambitions for domestic battery production. Busch emphasized that revising the funding rules to include existing battery makers could help attract a new owner for Northvolt, providing a lifeline for the company and preserving Europe’s competitive edge in the clean-tech arena.
The European Commission, which last month announced a commitment of €6 billion for clean industries through the EU Innovation Fund, has yet to comment on whether its funding criteria might be expanded. The fund is currently earmarked for projects deemed highly innovative, leaving established companies like Northvolt ineligible despite their critical role in the regional supply chain.
As the debate over EU funding continues, industry analysts say that broadening access to these funds could be pivotal in sustaining Europe’s burgeoning clean technology sector and reducing dependency on imports from China.
The U.S. has launched fresh strikes on Iran after Tehran targeted a container ship and said it had again closed the Strait of Hormuz. Iran also claime...
The 4th Shusha Global Media Forum will bring together nearly 160 media leaders, experts and officials from 54 countries in Azerbaijan's historic city...
Concerns are growing over a renewed cholera outbreak in Yemen, after years of conflict has left the country's healthcare system struggling to cope....
Documentary filmmaker Mikael Silkeberg has said that making a film exploring connections between Scandinavia and Azerbaijan helped him better understand his own mixed Nordic identity.
China's Foreign Minister Wang Yi is visiting Denmark, Sweden, Finland and Norway this week in a landmark tour of the Nordic region that reflects Beijing's efforts to strengthen ties with Europe at a time of growing geopolitical uncertainty.
A Swedish court has ordered Alphabet-owned Google to pay about $1.5 billion in antitrust damages to price comparison platform PriceRunner, in one of Europe's largest competition-related awards against a major technology company.
Mexico ended their 40-year wait for a World Cup knockout win, while Erling Haaland sent Norway through and Kylian Mbappé fired France into the last 16.
U.S. President Donald Trump said Washington has agreed to resume talks with Iran after Tehran requested further negotiations, but declared that last month's ceasefire between the two countries was "over".
Iran's Supreme Leader, Mojtaba Khamenei, has promised to avenge the killing of his father, while U.S. President Donald Trump said Tehran and Washington had agreed to continue talks despite an escalation of hostilities this week.
The 4th Shusha Global Media Forum will bring together nearly 160 media leaders, experts and officials from 54 countries in Azerbaijan's historic city of Shusha on 13-14 July, to discuss journalism’s role in peacebuilding, restoring public trust and tackling challenges.
The U.S. has launched fresh strikes on Iran after Tehran targeted a container ship and said it had again closed the Strait of Hormuz. Iran also claimed to have expanded attacks on U.S. military facilities across the Gulf.
Typhoon Bavi pummelled Japan's southern Sakishima island chain with heavy rain and violent winds on Saturday as it headed towards Taiwan, prompting authorities to warn of the risks of floods and landslides.
The 4th Shusha Global Media Forum will bring together nearly 160 media leaders, experts and officials from 54 countries in Azerbaijan's historic city of Shusha on 13-14 July, to discuss journalism’s role in peacebuilding, restoring public trust and tackling challenges.
Two men were killed and six other people were injured in a shooting at Toronto's Salsa on St. Clair festival on Saturday night, police said.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 12 July, covering the latest developments you need to know.
U.S. Senator Lindsey Graham, one of President Donald Trump’s most prominent allies in Congress, has died following a brief and sudden illness. He was 71-years-old.
Five major carmakers have largely won the first stage of a major legal battle at a High Court case brought by around 1.6 million claimants in the UK over allegations that their diesel vehicles were fitted with unlawful "defeat devices" that led to higher emissions.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment