STOCKHOLM (Reuters) – The Swedish government does not plan to take a stake in battery maker Northvolt, Sweden’s Minister for Energy, Business and Industry and Deputy Prime Minister Ebba Busch told Reuters on Tuesday.

The statement echoed that of Prime Minister Ulf Kristersson who has also said the government does not plan to invest in the cash-strapped battery maker.

“There are huge investments happening in the green transition in Sweden whether or not the Northvolt project gets fully completed or not,” Busch told Reuters.

“With that said, Northvolt is important for Sweden and it’s important for the whole of the European Union, because we are in something of an industrial fight with China and the United States,” she said.

(Reporting by Simon Johnson, writing by Terje Solsvik, editing by Louise Rasmussen)