Northvolt Secures 900 Million Euro Subsidy for Electric Car Battery Factory in Germany
iconJan 11, 2024 09:25
Source:SMM
【Battery manufacturer Northvolt receives 900 million euros in subsidies】Swedish lithium battery giant Northvolt successfully received a subsidy of 9.02 billion euros on January 8, which will be used to build an electric car battery factory in northern Germany. This subsidy was approved by the European Union. It is reported that the subsidies provided by Germany include 7 billion euros in direct grants and 2.02 billion euros in guarantee loans. The new Northvolt factory in Germany will be located in the city of Heide, with an annual production capacity of 60GWh, equivalent to supplying batteries for 800,000 to 1 million electric cars each year. The factory is expected to start production in 2026 and reach peak capacity in 2029.

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