The construction of a battery factory by the Swedish company Northvolt has been under discussion for some time. Now, in January, the decision was made to build a battery factory for electric cars in Heide, Schleswig-Holstein. The 4.5 billion euro project will attract considerable investment in the coming years and is expected to create up to 3,000 jobs. According to a study, locating the factory in the region could create a further 8,800 jobs and generate annual added value of around 942 million euros from 2029. The construction of Northvolt's huge gigafactory could be another important milestone in the production and, above all, recycling of batteries for electric vehicles.
Northvolt plans to start producing battery cells in Germany in 2026 and is also considering building a recycling plant for used batteries from electric cars. The financial support for the project amounts to a total of 700 million euros from the federal and state governments and a further 202 million euros in guarantees. Northvolt recently received $5 billion in financing, the largest of its kind in Europe, to fuel its expansion in Europe and North America.
In addition, the state and federal government have taken further steps to support the establishment of the factory. A letter of guarantee and an administrative agreement have been signed in which the state undertakes to provide a guarantee for the company to the federal government. This step is considered crucial for the overall financing of the project and should help to maintain the international competitiveness of the German automotive industry. The factory is expected to produce batteries for up to one million electric cars per year, creating thousands of jobs directly in the region as well as with suppliers and service providers.
Source: https://www.schleswig-holstein.de
Image: Northvolt
