Paul van Gerven
5 September 2019

The expedited procedure to grant Lithium Werks a 7.5 million loan to build a battery campus in Twente (link in Dutch) was legitimate, deems accountancy firm EY. Doubts about the decision arose when CEO and initiator Kees Koolen and Lithium Werks suddenly parted ways (link in Dutch) a few months after announcing their plans. Without Koolen at the helm, the campus would almost certainly never be built.

Lithium Werks campus
Credit: Lithium Werks

The (semi)governmental organizations didn’t act too hastily, says EY, because they had all the required information at their disposal to make an informed decision. There are, however, problems with the provincial investment fund procedures and the way the involved organizations interact. The executive branch of the Gelderland province has therefore suspended all loans for the time being.