Northvolt’s €902 Million German Aid for Battery Plant Gets EU Approval
- EU approves German package under eased state-aid rules
- Move follows concerns that EU would lose out in green tech
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Northvolt AB, a Swedish developer of batteries for electric cars, won European Union approval for almost a billion euros in subsidies to build a plant in Germany under the bloc’s relaxed state aid rules, designed partly to stop the US luring European firms with big handouts.
The European Commission said that without the German aid — a €700 million ($766 million) direct grant and a €202 million guarantee — the new site would have been built in the US, where Northvolt was offered support under President Joe Biden’s $369 billion green subsidy program.