Northvolt plans to establish a fully integrated lithium-ion battery gigafactory in the Canadian province of Quebec — its first factory outside Europe.
"Canada understood very well, that if they wanted to keep a place in this race — and batteries will play an instrumental cornerstone role in this energy transition economy — ... they needed to match or to set into place a mechanism that [is] close or similar to the Inflation Reduction Act," Cerutti, a former Tesla employee, told CNBC Wednesday.The project is expected to cost $5 billion, with Northvolt investing $3.
Now, Europe's biggest battery maker is forging ahead with both. German authorities also pledged state support to Northvolt back in May leading it to push ahead with plans for another factory in the north of the country. This is expected to be up and running by 2026. When asked if the U.S. Inflation Reduction Act, announced in August 2022, played a role in pushing German authorities to do more to support Northvolt, Cerutti said:"I don't know, honestly, how much the IRA has played into this."
"As I mentioned earlier on, there is a growing awareness that the energy transition and the shift to a decarbonized society needs to happen much faster than what organically companies can afford in this type of investment," he said."It is incredibly capital intensive and technologically complex to build battery factories and governments states are stepping in more and more to actually make sure that this happens.
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