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Home > Industry News

Competing with the U.S. for industry, the EU provides 900 million euros in subsidies for battery maker Northvolt

Views : 59
Update time : 2024-01-17 09:44:33
        Swedish lithium battery maker Northvolt succeeded on Jan. 8 in securing a €902 million grant to build an electric vehicle battery plant in northern Germany, a grant that was approved by the European Union.
 
 
        The European Commission said Northvolt's new plant will accelerate the 27-nation bloc's green energy transition and reduce dependence on fossil fuels, so the German subsidy is necessary. Without German aid, Northvolt would have opted to build the plant in the U.S., where the business is also able to access grants provided by the Inflation Reduction Act. 
        It is reported that the subsidies provided by Germany include €700 million in direct grants, as well as €202 million in guaranteed loans.Northvolt's new German plant will be located in the city of Heide, with an annual production capacity of 60GWh, which equates to the production of batteries that can be supplied to between 800,000 and 1 million electric vehicles per year. The plant is expected to start mass production in 2026 and reach peak capacity in 2029. 
        Northvolt has raised a cumulative total of more than $9 billion in bonds and equity since 2017, making it Europe's largest domestic battery maker with plans to go public. The company has also secured more than $55 billion in orders from customers such as BMW, Fluence, Scania, Volvo and Volkswagen. Meanwhile, Northvolt has also assembled its first energy storage product in Poland, with deliveries expected this year.
 
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