Northvolt AB, a Swedish developer of batteries for electrical automobiles, received European Union approval for nearly a billion euros in subsidies to construct a plant in Germany beneath the bloc’s relaxed state support guidelines, designed partly to cease the US luring European companies with massive handouts.
The European Fee stated that with out the German support — a €700 million ($766 million) direct grant and a €202 million assure — the brand new website would have been constructed within the US, the place Northvolt was supplied assist beneath President Joe Biden’s $369 billion inexperienced subsidy program.
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