Northvolt began construction of a gigafactory in Germany for €4.5 billion – Kommersant
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Swedish Northvolt started yesterday, March 25, for the construction of a battery factory for electric vehicles in the north of Hamburg. The project is estimated at €4.5 billion, and the plant will have to produce batteries for 1 million electric vehicles per year.
German Chancellor Olaf Scholz was present at the ceremony to begin construction work. In January, the European Commission approved the allocation of state aid to Northvolt from the German government in the amount of €902 million. “Investments like those made by Northvolt are of strategic importance for our country and for Europe. Germany was, is and will remain a country with a powerful manufacturing base,” said Mr. Scholz. “And the production of good cars that replace cars with internal combustion engines continues to be the basis of our industrial sector.”
The plant will receive electricity from wind turbines in Schleswig-Holstein, its production capacity should reach 60 GWh, and about 3 thousand employees will work there, the company notes. The start of production is scheduled for 2026.
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