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Swedish electric vehicle battery developer Northvolt has received EU approval to build a factory in Germany and receive nearly 1 billion euros in subsidies. The subsidy was approved under EU state aid rules to prevent the United States from luring European companies with huge subsidies.
Germany provided 700 million euros in direct grants and 202 million euros in guarantees to prevent Northvolt from building a new plant in the United States. The European Commission considers this the first approved individual aid to prevent investment flows to the United States.
Northvolt plans to produce electric vehicle batteries at a new factory in Germany starting in 2026, with a total investment of approximately 4.5 billion euros and expected to create approximately 3,000 jobs.
(Source: Bloomberg Image source: freepik)
