European Union regulators have approved €902 million in German state subsidies for Swedish battery developer Northvolt, marking the first case of matching aid. This funding will enable the construction of a new electric vehicle (EV) power plant in Heide, near the Danish border. The EU's decision to match the aid offered to Northvolt by the United States under the Inflation Reduction Act (IRA) ensures that the investment and jobs will stay in Europe. The factory, which was announced last year, is set to strengthen the EU's capacity in the production of green batteries.
EU approves €900 million aid for Northvolt battery factory in Germany https://t.co/w1SZomPWLw https://t.co/Cq7NRAidYI
Germany's €902m funding package for Northvolt's factory in Heide, near the Danish border, was announced last year and has now been approved by the EU. With @FPratty. More here: https://t.co/Soxi7d5nff
EU approves €902mn in German state aid for battery maker Northvolt https://t.co/V7wGj3rHVE
This is a 1st case of matching aid. We approved 902M€ #StateAid for @northvolt to build a new plant of green #batteries in 🇩🇪. Without it, @northvolt would set the plant in 🇺🇸, where they were offered support under the #IRA Now investments & jobs will be in 🇪🇺 More w/ @BMWK ⬇️ https://t.co/gKzioLEz3i
The #EU has approved a 900-million-euro #German state subsidy for electric vehicle battery firm Northvolt to build a plant in Germany that might have otherwise been lured to the United States. https://t.co/DuuJsBpYlc
EU regulators approve €902 million in German state subsidies for Swedish battery developer Northvolt, paving the way for the construction of a new EV power plant https://t.co/MTJDnUo6iO