Northvolt to invest billions to build gigafactory in Germany

Sweden's Northvolt will invest several billion euros to build a gigafactory in Heide, Germany able to supply around one million electric vehicles with battery cells every year, the lithium-ion battery producer and German government said in a joint statement on Friday.

The German federal government as well as the Schleswig-Holstein state government will provide subsidies for the project subject to approval by the European Commission, the statement said.