The European Union has approved a USD 987 million grant for Northvolt to set up an electric vehicle battery plant in Germany. The grant was in line with the EU’s Green Deal Investment Plan. This financial assistance is comparable to the incentives provided by the US Inflation Reduction Act. The grant will help Northvolt maintain its facility in Europe.
 

Northvolt is set to build its third battery gigafactory with a capacity of 60 GWh in the German city of Heide. The plant, known as Northvolt Drei, will be a highly automated factory run on renewable energy. 

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The plant, which is anticipated to commence operations in 2026, will achieve maximum capacity in 2029. The German government has given it permission to offer USD 202 million in guarantees and USD 766 million in direct grants. It can power 800,000 to one million electric vehicles annually.

The EU's approval of the aid for Northvolt's factory is a sign of the bloc's commitment to investing in clean energy technologies. The factory will help to reduce the EU's reliance on imported batteries and create jobs in the green economy.

The EU's aid for Northvolt's factory is the first to be approved under a new set of state aid rules that were adopted in March 2023. The new rules allow member states to provide more aid to companies that are investing in green technologies.

About NorthVolt

Northvolt is a Swedish battery developer and manufacturer founded in 2016 by two former Tesla executives, Peter Carlsson and Paolo Cerruti. Their mission is to build the world's most sustainable lithium-ion batteries and enable a fossil-free future.

Northvolt is committed to producing batteries with a minimal environmental impact. They use renewable energy to power their factories, and they source materials responsibly. By 2030, they aim to produce batteries with 70% lower CO2 emissions compared to the industry average.

Northvolt is also investing in next-generation battery technologies like sodium-ion batteries, which offer the potential for lower cost and environmental impact. Some of the upcoming projects executed by NorthVolt include:

• Northvolt NorthSix (Canada): This joint venture with Quebec will establish a battery and cathode material production facility, along with a recycling plant, starting in 2026.
• NorthFlex Project: Developing innovative mobile battery systems for temporary power and flexible storage, entering operation in 2024.

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