Northvolt Starts Battery Plant Work in Win for Europe’s Industry
- Scholz attends construction start of €5 billion EV project
- EU lured Northvolt away from US with German subsidy package
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Northvolt AB is starting construction of a €5 billion ($5.4 billion) battery plant in northern Germany to supply electric cars, capping an intense lobbying effort under newly relaxed European Union state aid rules.
The project will receive just over €900 million in handouts and guarantees from Germany, which helped prevent the project being lured to the US. Chancellor Olaf Scholz said the factory near the town of Heide will help support the country’s future as a manufacturing base.