New Energy Vehicles

18 Jan 2024

Sweden's Northvolt Commits to Invest in EV Battery Plant in Germany

18 Jan 2024  by reuters   

General view outside the Northvolt facility in Vasteras, Sweden, September 29, 2021. Picture taken September 29, 2021. REUTERS/Helena Soderpalm/File Photo Acquire Licensing Rights
Swedish lithium-ion battery producer Northvolt said on Wednesday it had committed to go ahead with its planned investment in an electric vehicle (EV) battery plant near Heide, Germany.

"Northvolt's planned major investment is a huge success for the west coast, for Schleswig-Holstein and Germany as a whole,” Economy Minister Robert Habeck told German newspaper Die Welt.

Subject to the approval of both local communities of Lohe-Rickelshof and Norderwoehrden, construction will begin promptly, Northvolt said in a statement, adding the project would create some 3,000 jobs.

Earlier this month, the European Commission approved 902 million euros ($980.02 million) in German state aid for the plant, made up of a 700 million euro direct grant and a 202 million euro guarantee.

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