The European Commission has approved €902mn in state aid for battery maker Northvolt's factory in Germany, under a new EU state aid regime that allows national governments to match subsidies on offer outside the EU. The funding consists of a €700mn grant and €202mn guarantee. German economy minister Robert Habeck emphasizes the importance of a robust industry for new sectors like semiconductors, batteries, electrolysers, and hydrogen. The funding for Northvolt's factory is seen as critical for the green transition and will benefit a disadvantaged area of Germany. Habeck warns that failure to invest in critical technologies would put the entire European economy at risk. #northvolt #batteryfactory #greentransition #economicinvestment
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