Battery Innovation in Germany
The German Bundestag’s budget committee has given the green light to an additional €600 million for the construction of Northvolt’s cutting-edge battery factory in Heide.
This convertible bond, underwritten by the federal government and distributed by KfW Bank, will provide vital support to the ambitious Northvolt Drei project.
Northvolt’s battery factory, slated to commence construction in 2025, is set to create 3,000 jobs and boast a production capacity of 60 GWh – enough to power one million electric vehicles.
Notably, Northvolt plans to incorporate a battery recycling plant into the facility, further enhancing its sustainability efforts.
The federal government’s support, when combined with the EU’s backing and the state of Schleswig-Holstein Netz AG’s contribution, underscores Germany’s commitment to fostering innovation and advancing the electric vehicle industry.
Pending approval from the EU Commission, this funding will be instrumental in driving the Northvolt project forward, marking the first application of the EU’s Temporary Crisis and Transition Framework in Germany.
A significant step towards a greener future and sustainable transportation!
#BatteryInnovation #GreenTechnology #EUCommission
Source: https://battery-news.de/2023/10/17/kanada-gewaehrt-umicore-bis-zu-734-millionen-us-dollar/
