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

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

- The guarantee is a security for both parties and a normal procedure in agreements of this kind. We must be sure to get the land back if the agreement needs to be terminated for any reason, and our customer must then be able to get his money back," says Christian Söderberg, CEO of Torsboda Industrial Park.

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

- The councils in the municipalities need to ensure that they can pay back the amount PTL pays. So there is no new money to be paid out if the agreement is terminated," says Christian Söderberg.

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