Biden's IRA plan pushes battery-maker Northvolt to plan new factory in Canada
Publishing timestamp: 2023-09-29 08:30:06
Summary
Northvolt, a Swedish battery maker, has announced plans to establish a lithium-ion battery gigafactory in Quebec, Canada. This will be their first factory outside of Europe and will have an annual cell manufacturing capacity of 60 GWh. The decision to expand into North America was influenced by the U.S. Inflation Reduction Act, which provides green subsidies for businesses. The project is expected to cost $5 billion, with Northvolt investing $3.2 billion and the Canadian government contributing $1 billion. German automaker Volkswagen has also announced plans to open a battery cell plant in Canada.
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Keywords: politics, canada, joe biden, europe news, united states, business news, volkswagen ag, environment, economy, trade,