Finnvera relaxes Valmet Automotive financing terms

Finnvera granted a waiver for Valmet Automotive to breach covenant conditions on the final day of 2024. This decision followed the December 2024 appointment of Jan Vapaavuori as Chairman of the Board of Finnvera.

Finnvera CEO Juuso Heinilä clarified that the decision to modify covenant terms was made by the financing management team, rather than the Board of Directors. Heinilä stated that the board was informed but did not participate in the preparation or decision-making process. Jan Vapaavuori also denied any active involvement or initiative regarding the change in financing terms.

In August 2025, a major ownership and financing restructuring occurred, resulting in the Finnish state becoming the majority owner of Valmet Automotive with a 79% stake. This move provided the company with 37.5 million euros in new equity and was intended to prevent the potential collapse of the economically significant firm. The restructuring also involved the exit of Chinese firm Contemporary Amperex Technology Limited from Valmet Automotive.