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25/06/2024
Mining News

Northvolt Receives Federal Funding Despite Budget Freeze

The German Federal Ministry for Economic Affairs has approved funding of approximately 700 million euros for the construction of a battery factory by Swedish battery manufacturer Northvolt in Heide, Germany. This decision was made after an application for the release of funds was submitted due to the urgency of a final location decision. Of the total funding, approximately 564 million euros will be provided by the federal government, while 136 million euros come from the state of Schleswig-Holstein.

Total investment of 4.5 billion euros

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Starting in 2026, Northvolt plans to produce battery cells for electric vehicles with an annual production capacity of 60 gigawatt-hours in the new factory. The total investment of 4.5 billion euros is expected to create around 3,000 jobs. To date, the company has already invested around 100 million euros in the project.

Funding depending on further decisions

However, the release of the subsidies is still subject to approval by the European Commission under state aid law. In addition, the realization of the project requires decisions by the municipalities as part of the urban land-use planning process, which are not expected to be passed until the conditions under state aid law have been met.

 

Source: Battery News

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