STOCKHOLM/BERLIN : Sweden's Northvolt will invest several billion euros to build a gigafactory in Germany, able to supply around 1 million electric vehicles with battery cells every year, the lithium-ion battery maker and German government said in a joint statement on Friday.The federal government as well
STOCKHOLM/BERLIN : Sweden's Northvolt will invest several billion euros to build a gigafactory in Germany, able to supply around 1 million electric vehicles with battery cells every year, the lithium-ion battery maker and German government said in a joint statement on Friday.
If approved, the subsidies would be the first granted by Germany under the European Union's Temporary Crisis and Transition Framework, developed to support green industrial projects as Europe scrambled to provide a competitive offer to U.S. subsidies provided by the Inflation Reduction Act. Northvolt and the state of Schleswig-Holstein signed a memorandum of understanding in March 2022 to develop a battery plant in the region but the company later said it may prioritise expansion in the U.S. ahead of Europe in light of more favourable subsidies and lower energy costs.
Construction could begin later this year and deliveries of Heide-made battery cells could begin in 2026, the company said. Local councils this week approved the draft development plan for the plant, clearing a major administrative hurdle.
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