Sweden's Northvolt Commits to Invest in EV Battery Plant in Germany

General view outside the Northvolt facility in Vasteras, Sweden, September 29, 2021. Picture taken September 29, 2021. REUTERS/Helena Soderpalm/File Photo Acquire Licensing Rights

"Northvolt's planned major investment is a huge success for the west coast, for Schleswig-Holstein and Germany as a whole,” Economy Minister Robert Habeck told German newspaper Die Welt.

Subject to the approval of both local communities of Lohe-Rickelshof and Norderwoehrden, construction will begin promptly, Northvolt said in a statement, adding the project would create some 3,000 jobs.

Earlier this month, the European Commission approved 902 million euros ($980.02 million) in German state aid for the plant, made up of a 700 million euro direct grant and a 202 million euro guarantee.