Energy Storage & Fuel Cell Industry
Germany Releases More Than Half Billion in Northvolt Aid
The German Ministry for Economic Affairs and Climate Action has issued state funds promised in support of the Swedish battery maker’s expansion to northern Germany.
Dec 06, 2023
The funds were agreed as part of Northvolt’s plans to construct a EUR 4.5 billion gigafactory near the city of Heide. All told, the national and regional governments plan to invest EUR 700 million in the project.
The company wants to start making electric vehicle batteries in northern Germany by 2026.
The news puts an end to concerns that Germany’s ongoing national budget revisions and temporary freeze could disrupt the Swedish company’s expansion.
“Securing the support for Northvolt is an important step to trigger a large-scale private investment that will lead to value creation and jobs in a sector of the future,” said Minister for Economic Affairs and Climate Action Robert Habeck in a statement.
The subsidy still requires approval from the European Commission.
