It's definitively not the source of the word, but it might very well be the reason the decided to have a "fest i val". Gothenburg is famous for their puns, and even today they open up the mouth of the whale for visitors on two occasions - valdagen (election day) and Valborgsmässoafton (Walpurgis eve).
Reference: https://youtu.be/ykj3Kpm3O0g