Building a lithium-ion battery factory in Germany, Europe's top car producer, had seemed like a no-brainer for Northvolt. But a new U.S. law offering hefty subsidies to local manufacturers of green technology has given the company pause for thought.
Chief Executive Peter Carlsson said that under the Inflation Reduction Act , Swedish-based Northvolt could get up to 800 million euros in U.S. state aid to build a factory making the batteries used in electric vehicles.
The act introduces tax credits related to investment in green technology, plus tax breaks for consumers buying an electric vehicle or other green product made in North America. German Economy Minister Robert Habeck, of the Greens party, told Handelsblatt newspaper there was a danger "the next wave of technological innovation does not take place in Europe" - innovation key to helping Europe exit its energy crisis.
possibly reversing parts of the act or seeking exemptions for European companies modelled on those for Mexico and Canada.this week to convince Washington it is not in its interests to weaken European companies while Western allies are facing intense competition from China.
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