Northvolt confirms investment in German EV battery plant

Swedish lithium-ion battery manufacturer Northvolt has officially announced its commitment to proceed with the planned investment in an electric vehicle (EV) battery plant near Heide, Germany. According to Economy Minister Robert Habeck, the decision marks a significant success for the West Coast, Schleswig-Holstein, and Germany as a whole.

Pending approval from the local communities of Lohe-Rickelshof and Norderwoehrden, construction is set to commence promptly, with Northvolt highlighting the potential creation of approximately 3,000 jobs as part of the project. 

Earlier this month, the European Commission granted approval for EUR 902 million (USD 980.02 million) in German state aid for the plant. This financial support includes a direct grant of 700 million euros and a guarantee of EUR 202 million, facilitating the development of the EV battery facility.