Swedish lithium-ion battery producer Northvolt has acquired European approval for a €902 million subsidy from the German authorities to construct its gigafactory there.
The European Fee gave the brand new plant the stamp of approval, including that it’s going to enhance the bloc’s clear power future and assist curb dependence on China, a press release mentioned.
The EC had additionally mentioned that with out the German subsidy, Northvolt – a battery startup based by two former Tesla executives – would have constructed the manufacturing facility within the US with assist from Biden’s US Inflation Discount Act.
In line with Margrethe Vestager, government vice-president accountable for competitors coverage, the grant is “the primary particular person assist accepted to stop an funding from being diverted from Europe, below the brand new chance offered by the momentary disaster and transition framework since March 2023 gives. .” The development of the plant in Germany “is a crucial step for the electrification of transport in Europe, whereas sustaining a stage taking part in discipline within the inside market,” she added.
The unique plan for the battery manufacturing facility was introduced in March 2022, with development scheduled to start in 2025. The mission was shelved later that yr, with Northvolt citing excessive power costs in Europe.
The Swedish firm is planning a battery cell manufacturing facility within the northern German state of Schleswig-Holstein, within the disadvantaged city of Heidi, near the border with Denmark. The manufacturing facility can be positioned close to an abundance of wind power.
The European Fee says the plant will begin working in 2026 and attain full manufacturing capability in 2029.
Northvolt can be constructing a manufacturing facility in Quebec, on Montreal’s south coast, with the Quebec authorities contributing $2.9 billion and the federal authorities contributing $4.4 billion.
Picture credit score: Northvolt
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