Torsboda Industrial Park has applied for bail from its owners, Timrå and Sundsvall municipalities, as part of the realization of the first establishment at the industrial park.

Applying for bail is one of the steps towards the completion of PTL's battery parts factory. The agreement with PTL states that Torsboda Industrial Park will have a creditor and when PTL, as planned, starts a Swedish subsidiary, that company also needs a guarantee from its parent company.

“Bail is a security for both parties and is a normal procedure in such agreements. We will be sure that we will get the land back if for some reason the contract would have to be cancelled and our customer will then be able to get the money back,” says Christian Söderberg, CEO of Torsboda Industrial Park.

Torsboda Industrial Park has applied for a security of SEK 165,675,000 with the municipalities of Timrå and Sundsvall, where the municipalities guarantee half of each. Decisions are taken in the councils of the respective municipalities, in Timrå it was taken on 30 September and in Sundsvall it is scheduled for 28 October. The sum is the same as PTL pays to gain access to the land at Torsboda Industrial Park.

“Councils in municipalities need to ensure that they can repay the amount PTL pays. There is therefore no new money to be spent if the agreement is cancelled,” says Christian Söderberg.

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