Northvolt's €5 Billion Battery Plant Construction in Northern Germany

Northvolt AB has announced the commencement of construction for a €5 billion battery plant in northern Germany aimed at supplying electric cars. This project marks a pivotal win for Europe's industry following an intense lobbying effort, made possible under newly relaxed European Union state aid rules. The battery plant is set to receive over €900 million in handouts and guarantees from Germany, effectively preventing the project from being lured to the US. Chancellor Olaf Scholz emphasized the significance of the factory, located near the town of Heide, in supporting the country's future as a manufacturing base.