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Friday, April 18, 2025

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https://nordictimes.com/economy/northvolt-files-for-bankruptcy-only-available-solution/

Economy

Northvolt files for bankruptcy: “Only available solution”

Published 12 March 2025
– By Editorial Staff
The parent company's liabilities are currently estimated at around €5.3 billion.
Editorial Staff
editorial@nordictimes.com

Struggling battery manufacturer Northvolt has filed for bankruptcy with the Stockholm District Court, putting its 3,500 employees at risk of losing their jobs.

“This is the only available solution”, the company stated, as the collapse is being described as one of the largest industrial failures in Swedish history.

For a long time, Northvolt was hailed by politicians, business leaders and the establishment media as a pioneering effort to bring about the “green transition” that those in power believe is necessary. However, it was never a success and after billions in losses, the threat of bankruptcy that has long hung over the company has also become a reality.

The decision to file for bankruptcy on Wednesday morning was taken at an extraordinary board meeting on Tuesday evening, and officials say there were simply no longer any realistic alternatives.

“Despite having exhausted all available options to negotiate and implement a financial restructuring, including a Chapter 11 process in the US, and despite liquidity support from our lenders and key counterparties, the company was unable to secure the necessary financial conditions to continue in its current form”, they wrote in a press release.

– This is an incredibly difficult day for everyone at Northvolt. We set out to build something groundbreaking – to drive real change in the battery, electric vehicle and wider European industry and accelerate the transition to a green and sustainable future, commented interim chairman Tom Johnstone.

The bankruptcy affects Northvolt AB, Northvolt Ett AB, Northvolt Labs AB, Northvolt Revolt AB and Northvolt Systems AB.

“Dark day for all of us”

Today, the battery manufacturer has around 3,500 employees – most of them based in Skellefteå, Västerås and Stockholm. All of them are now at risk of unemployment and analysts say that Norhtvolt’s bankruptcy is one of the worst single industrial crashes in the country’s history.

A bankruptcy trustee will be appointed by a Swedish court to manage the sale of the business and its assets. The parent company’s liabilities are currently estimated at around SEK 58 billion (€5.3 billion).

– It is of course a heavy message and a very dark day for all of us who have worked hard every day and hoped that the company will get through this tough time, says Shaneika Jeffrey, Shaneika Jeffrey, vice chairman of the Unionen club at Northvolt Ett in Skellefteå.

It can further be noted that Northvolt Germany and Northvolt North America have not filed for bankruptcy.

Editorial Staff
editorial@nordictimes.com

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https://nordictimes.com/economy/fast-charging-electric-cars-now-more-expensive-than-gas-in-sweden/

Economy

Fast charging electric cars now more expensive than gas in Sweden

Published today 7:21
– By Editorial Staff
Editorial Staff
editorial@nordictimes.com

In Sweden, fast charging of electric cars at public stations has become more expensive than refueling with gasoline, according to a recent calculation. However, home charging is still cheaper than gasoline.

It is Privata Affärer that has compared the costs of driving 10 kilometers with an electric car versus a gasoline car. The calculation is based on a gasoline car consuming 0.7 liters of gasoline per 10 kilometers and an electric car consuming 2 kilowatt-hours per 10 kilometers.

At current prices, fast charging at public stations costs 11.38 SEK per 10 kilometers, while gasoline refueling costs 11.02 SEK per 10 kilometers.

This means that fast charging can currently be more expensive than gasoline. This type of charging is mainly used during longer trips or when a quick top-up is needed, while home charging is the most common and cost-effective option for most electric car owners.

Home charging still cheaper

The calculation shows that home charging an electric car is significantly cheaper, with a cost about 75 percent lower than the per-kilometer cost of a gasoline car.

At the same time, costs are affected by several factors, including driving style, outdoor temperature, and the fuel consumption of different car models. Electricity prices also vary depending on the time and provider, meaning the cost of home charging can vary significantly depending on where in the country you live and when you charge the car.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/the-nordics/sweden/public-outrage-as-climate-alarmists-scale-swedens-vasa-ship/

Sweden

Public outrage as climate alarmists scale Sweden’s Vasa ship

Published yesterday 7:23
– By Editorial Staff
The fact that climate activists are targeting one of the country's most important cultural heritages provokes many.
Editorial Staff
editorial@nordictimes.com

On Wednesday morning, police were alerted that two activists from the group Återställ Våtmarker (Restore Wetlands) had climbed onto the 400-year-old national treasure, the Vasa ship, and tied themselves to its mast.

On social media, many have grown tired of the climate alarmists’ constant provocations and attention-seeking, and there are now calls for prison sentences – and even more old-fashioned forms of punishment.

The police confirm that around 10 a.m., two individuals jumped over an alarmed gate and climbed onto the restored ship inside the museum. They also put up a banner with the message “ban peat extraction” and delivered loud monologues on the same theme. A third activist reportedly filmed and photographed the incident but later left the scene.

The two men who were still on the ship when the police arrived have been arrested and are currently suspected of trespassing – but more criminal charges may be added in the future.

It is currently unclear whether the Vasa ship was damaged by the group’s approach, and staff will carry out a more thorough inspection during the day.

Helen Wahlgren, press officer for Restore Wetlands, says the Vasa Museum is an “excellent place to demonstrate” and likens the ship to a bog “which also needs to be soaked in order to be preserved”.

Calls for tougher penalties

However, most people are not as impressed and the Conservative Minister for Culture, Parisa Liljestrand, describes the Vasa ship as “one of the most important and beloved cultural heritages we have in Sweden”.

“It is also a very sensitive environment that is important for research and risks being damaged. I get downright angry at people who take the right to practice activism at the expense of our common cultural heritage”, she wrote in a comment to the tabloid Aftonbladet.

On social media, the tone is even harsher, with many users demanding that the activists be sentenced to prison – or even forced into penal labor for their actions.

“Now it’s time to bring out the heavy-handed response”, writes one of the many outraged voices, and another believes that it would be an appropriate punishment for the activists themselves to be forced to dig peat for a few years.

What almost everyone who commented on the incident has in common is that they are noticeably tired of the recurring actions of this kind and how the activists attack the artistic and cultural heritage of Swedes for their political purposes.

Many also express anger that the media and authorities “coddle” the culprits – and that their actions never seem to lead to any tangible or deterrent consequences.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/the-nordics/sweden/former-swedish-commander-in-chief-e27-5-billion-for-the-military-is-not-enough/

Sweden

Former Swedish Commander-in-Chief: €27.5 billion for the military is not enough

Sweden-NATO-relationship

Published 16 April 2025
– By Editorial Staff
Johan Hederstedt believes that the real cost will be significantly more expensive than what has been presented so far.
Editorial Staff
editorial@nordictimes.com

The Nordic Times has previously highlighted how the Swedish government is borrowing SEK 300 billion (€27.5 billion) for “the biggest rearmament since the Cold War”.

However, former Swedish Commander-in-Chief Johan Hederstedt believes that this is far from enough and points out that NATO will require Sweden to contribute significantly more money than that.

The current initiative means that the Moderate-led government is borrowing about €4,600 per Swede of working age for military rearmament until 2035.

Analysts point out that future generations of Swedes will be forced to pay for the investment through higher taxes – and others suggest raising the retirement age to pay for the project.

Johan Hederstedt was commander-in-chief between 2000 and 2023, and although he praises the rearmament announcement, he believes that the real cost will be much more expensive than what has been presented so far.

– Adding SEK 300 billion to the defense budget is good, but it will not be enough. NATO will demand even more, he says.

“No time to waste”

Hederstedt believes that the war in Ukraine and the new US foreign policy under Donald Trump have led to increased uncertainty in Europe – but also strengthened cooperation between the continent’s countries.

– Europe needs to be united and I see several signs of this, not least the British Prime Minister taking the initiative. The EU is strong in that it is investing a huge amount of money in equipping the countries of Europe, which is positive, he continues.

He believes it is highly unlikely that Russia would pose a direct military threat to Sweden – but he nevertheless argues that it is important to “strengthen military, civilian and psychological defense” very quickly.

– We can’t wait; there’s no time to waste. Decisions and financial support need to come early, he asserts.

Instead, it is alleged Russian disinformation, influence campaigns and cyberattacks that threaten Sweden, according to the former commander-in-chief – who claims to be particularly worried about Swedish voters being influenced by pro-Russian messages.

– And that can be incredibly serious when they can influence not only the electoral system but also the people in terms of what to vote for, he says.

Double standards

Exactly how Russia is alleged to influence the Swedish election result is not clear, but according to the Swedish Psychological Defense Agency, it includes “manipulating the flow of information” and spreading misleading information “with the aim of influencing public opinion” or “disrupting and weakening society”.

For example, when Russian media and opinion leaders report critically or negatively on European establishment politicians and instead highlight nationalist or conservative alternatives such as Alternative for Germany, this is usually cited as an example of alleged Russian election interference.

Critics have long pointed out that the debate on foreign election interference is often conducted in a deliberately dishonest and alarmist manner – and that those who are appalled by the effects of Russian propaganda on the electorate simultaneously turn a blind eye to the influence of American media, lobby groups and think tanks or left-liberal international NGOs such as George Soros’ Open Society Foundations have had over Swedish politics for decades.

Editorial Staff
editorial@nordictimes.com

https://nordictimes.com/the-nordics/sweden/swedish-major-general-leave-the-ottawa-treaty-and-buy-anti-personnel-mines/

Sweden

Swedish Major General: “Leave the Ottawa Treaty and buy anti-personnel mines”

The new cold war

Published 16 April 2025
– By Editorial Staff
Karlis Neretnieks argues that today's anti-personnel mines cannot be compared to those that kill thousands of civilians every year.
Editorial Staff
editorial@nordictimes.com

Recently The Nordic Times highlighted how the defense ministers of Poland, Lithuania, Latvia and Estonia announced that they intend to withdraw from the international convention banning the use of anti-personnel mines.

In early April, Finnish officials also confirmed that they are also preparing to withdraw from the Ottawa Treaty. Retired Swedish-Latvian Major General Karlis Neretnieks now wants Sweden to do the same and start buying “smart” anti-personnel mines.

– My opinion is clear. We should do what the Finns did, leave the Ottawa Agreement, and acquire anti-personnel mines, declares Neretnieks, who has also previously served as President of the Swedish National Defense College.

He explains that within the NATO military pact, there is a plan for the Swedish army to be able to move quickly to Finland and form joint defense forces with Finnish soldiers in the event of a possible Russian attack. In such a scenario, he argues, the armies of both countries must have similar rules of engagement.

– What should we do when Swedish commanders have to command Finnish units? Should a Swedish commander tell a Finnish commander that you are not allowed to use anti-personnel mines because you are under Swedish command? That’s not how it works in reality.

Kills thousands annually

Finland’s defense minister, Antti Häkkänen, insists that “mines are only for war” and “will not be scattered in the countryside“. However, over the years, anti-personnel mines have caused enormous civilian suffering – and in 2021 alone, an estimated 5,500 people were killed by them – many of them children.

Millions of undestroyed anti-personnel mines remain in former war zones around the world – and can detonate at any time when someone accidentally steps on them. This is also one of the primary reasons why some 160 countries around the world have committed to stop stockpiling, producing or using them.

However, Neretnieks argues that today’s modern anti-personnel mines can be turned on and off by remote control – and he emphasizes that some models stop working after a certain amount of time.

– The reason for removing the mines was that they were often left behind after the fighting was over. Then they were dangerous for children, farmers and anyone walking around the terrain… I’m advocating that we abandon the Ottawa agreement and get these anti-personnel mines with self-destruction, he continues.

“Were far too enthusiastic”

Sweden signed the convention in 1998, the year after it was drafted, but the major general says it was a big mistake.

– I think we were far too enthusiastic about a ban at the height of the discussions in 1996-1997. It was quite obvious that the Russians had no intention of signing anything like that, he states.

It should be noted that it is not only Russia that has chosen not to sign the convention. Major military powers such as the US and China have so far also refused to sign the Ottawa Treaty, as have Israel, India, Iran and both North and South Korea.

Editorial Staff
editorial@nordictimes.com
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