Schleswig-Holstein supports Northvolt battery factory with 137 million euros

Schleswig-Holstein supports Northvolt battery factory with 137 million euros

According to a report by www.hamburg.de, the Schleswig-Holstein state parliament has decided to provide financial support for the establishment of the Northvolt battery factory through a supplementary budget. The settlement is to be supported with a provision of 137 million euros for the construction of the factory. This decision was made following the ruling of the Federal Constitutional Court and a new report from the State Parliament's Scientific Service, after it was determined that there was no violation of the constitution.

The Swedish company Northvolt plans to produce battery cells for electric cars in a factory near Heide from 2026. This 4.5 billion euro investment is expected to create around 3,000 jobs. To date, the company has already invested around 100 million euros of its own funds in the construction project. Financial support from the federal and state governments has made it possible for Northvolt to begin construction.

The establishment of such a large battery factory has potentially far-reaching effects on the market and the financial industry. First of all, the creation of 3,000 jobs will have a positive effect on the economy as it can lead to an increase in income and consumption. Furthermore, the production of battery cells for electric cars will be an important contribution to the transition to electric mobility. This could also increase demand for battery technology and spur the development of alternatives to traditional internal combustion engines.

Overall, the establishment of the Northvolt battery factory can have a positive impact on the economy and the market, especially in terms of creating jobs and promoting electromobility.