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16 Apr 2026

Hengeler Mueller advises KfW on recovery of €222 million from Northvolt project company

"Hengeler Mueller advised KfW in recovering €222 million of public funds from the German Northvolt project company. The funds originated from a €600 million convertible bond issued for a planned Heide battery factory that could not be realised after Northvolt’s insolvency. Recovery followed a bespoke legal solution and separation of the project company under the German Restructuring Act (StaRUG)."

Hengeler Mueller advised KfW, with KfW’s own in‑house legal team also participating in the matter. The transaction concerned the recovery by KfW of public funds totalling €222 million from the German Northvolt project company. These funds had originally been provided by KfW as part of a €600 million convertible bond issued by Northvolt’s parent company to finance the construction of a battery factory in Heide. Following the insolvency of Northvolt, the Heide project could no longer be realised and the recovery of the funds became necessary. Repayment was effected on the basis of a tailored legal solution developed jointly by KfW and Hengeler Mueller. At the same time, the project company was separated from the insolvent Northvolt Group through restructuring proceedings conducted under the German Restructuring Act (StaRUG). Hengeler Mueller represented KfW with a team composed by: Special Situations/Restructuring: Daniel M. Weiß (partner, lead, Frankfurt); Moritz Müller‑Leibenger (counsel, Berlin); Felicitas Sussmann (Berlin); Nükhet Tanrikulu (senior associate, Düsseldorf); Moritz Bach (associate, Frankfurt); Niclas Claussen (associate, Frankfurt); David Rüther (associate, Düsseldorf). Financing: Henning Hilke (partner, Frankfurt); Pascal Brandt (partner, Frankfurt). Public Law / Regulatory / EU State Aid Law: Jan. D. Bonhage (partner, Berlin); Henri Roth (associate, Berlin). Corporate / M&A: Frank Burmeister (partner, Frankfurt); Johannes Adolff (partner, Frankfurt); Lucina Berger (partner, Frankfurt); Guglielmo Ziani (senior associate, Frankfurt). Dispute Resolution: Daniel Engel (partner, Munich); Moriz Mertz (counsel, Munich); Gerlind Wolf (senior associate, Munich). Tax: Sebastian Adam (partner); Karl Hummel (associate, tax). KfW in‑house legal team represented KfW with a team composed by: Klaus Hellermann; Nick Aghanassir; Tobias Spahn; Oriana Corzilius.
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