The Schleswig-Holstein parliament has greenlit funds for the Northvolt battery factory initiative, stamping out any constitutional concerns brought forth by recent rulings and reports, according to CDU leader Tobias Koch. The state budget will cough up an impressive 137 million euros for the factory's construction. With both federal and state governments offering support, Northvolt, a Swedish battery cell manufacturer, is now primed to commence construction in Heide, planning to deliver battery cells for electric vehicles by 2026. This ambitious project is expected to create a whopping 3,000 new jobs in the region, backed by staggering investments of approximately 4.5 billion euros.
Northvolt has already invested close to 100 million euros in this venture. The Stern reports that KfW, Germany's development bank, has loaned Northvolt's German subsidiary 600 million euros, with the federal government and Schleswig-Holstein each providing half the loan guarantee. Regardless of the parent company's financial tribulations, which have included filing for creditor protection under Chapter 11 of the US Bankruptcy Code, the Heide factory is proceeding as planned, with anticipated cell assembly to commence in the second half of 2027 and full-scale production to follow. Northvolt's operations in Heide are a testament to the region's continuing commitment to a green future, creating employment opportunities, and boosting local economic growth.
Sources: 1. 5.
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