Economy Northvolt
4.5 billion euros investment volume – battery factory in Holstein is to come
Status: 17.01.2024 | Reading time: 2 minutes
Two employees of the Nothvolt company on a construction site in Heide – this is where the battery factory is to be built (archive)
Quelle: picture alliance/dpa/Frank Molter
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Battery cells could be produced in Schleswig-Holstein as early as 2026. The Swedish company Northvolt has decided on the construction project and wants to invest up to 4.5 billion euros. The decision shows that “Germany is attractive as an industrial location,” says Economics Minister Habeck.
The Swedish company Northvolt has decided to build a battery factory for electric cars near Heide in Schleswig-Holstein. Up to 4.5 billion euros are to be invested there – the first battery cells could roll off the production line as early as 2026.
The factory is considered one of the largest industrial projects in Schleswig-Holstein for decades. Northvolt signed a corresponding implementation agreement on Wednesday. “Dithmarschen has the greenest power grid in Germany, with which we want to produce the most sustainable battery cells in the world in the future – made in Schleswig-Holstein for Europe,” said Northvolt’s Germany Managing Director Christofer Haux.
The federal and state governments are providing funding of 700 million euros
Northvolt wants to produce battery cells for electric cars in the factory from 2026. The 4.5 billion euro investment is expected to create 3,000 jobs. The company has already invested around 100 million euros of its own funds in the construction project, according to people close to the project. At the same time, a plant for recycling old batteries from discarded electric cars is to be built. Last week, the EU Commission approved funding and guarantees from the federal and state governments amounting to 902 million euros for the construction of the factory.
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The federal and state governments are funding the project with around 700 million euros. There are also guarantees for a further 202 million euros. Of the funding, around 564 million euros go to the federal government and up to 137 million euros to the state. The funding is spread over several annual tranches.
Habeck speaks of an attractive location
“Northvolt’s decision for Heide stands. This clears the way for the final decisions of the local municipalities,” said Federal Minister of Economics Robert Habeck (Greens). “The decision in favor of Heide shows that Germany is attractive as an industrial location and that renewable energies are a central location factor. It also shows that Europe can place large investments in strategic areas of transformation technologies and prevent them from leaving.”
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Schleswig-Holstein’s Prime Minister Daniel Günther (CDU) said: “All decisions have now been made by the company. We are pleased with the location decision.”
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According to Habeck, the automotive industry is one of the leading industries in Germany and should remain that way in the future. So far, the best combustion cars have certainly come from Germany, but now the industry has to change.
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