Germany Backs Northvolt Plant in Boost for Europe’s EV Aims
- Battery maker to build two factories in North America, Germany
- Europe fights to attract battery suppliers in subsidy race
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Germany has pledged roughly €1 billion ($1.1 billion) in state support to Europe’s main battery maker Northvolt AB to build a plant in the country’s north in a win for the region’s electric-vehicle industry.
The Swedish company now sees a “distinct possibility” of going ahead with two plants at the same time, one in Germany and one in North America. Earlier, Northvolt warned it might postpone the plant in the town of Heide in favor of investment in North America because of rich incentives on offer.