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Funding for Northvolt’s Drei Gigafactory Gets EU Approval
The EU Commission has approved Germany’s state aid to support the construction of Northvolt’s Drei gigafactory. It follows a funding decision for Northvolt’s German factory being announced in December 2023, but it was pending EU approval which has now been granted.
The Funding
The EU Commission has approved EUR902 million (USD987 million) for the Swedish firm’s gigafactory in Heide, Schleswig-Holstein. This will be made up from a EUR700 million (USD766 million) direct grant along with a EUR202 million (USD221 million) guarantee. The German federal government will provide EUR564 million (USD617 million) with the remaining EUR136 million (USD148 million) provided by the Schleswig-Holstein state government. This funding will be delivered over several annual installments, commencing…
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