December 4, 2022

European business pivots to US as Biden subsidy sends

European industry pivots to US as Biden subsidy sends

European industry pivots to US as Biden subsidy sends

Northvolt, Europe’s nice hope within the world battery wars, started life as a start-up centered on the continent. Now the Swedish group, backed by Volkswagen, BMW and Goldman Sachs, is trying to the US to broaden manufacturing.

The explanation for the pivot is the Inflation Discount Act (IRA). The US’s flagship inexperienced know-how laws, signed into regulation in August, would subsidise a manufacturing facility in America by about $600mn-$800mn, in keeping with Northvolt. That compares to €155mn in incentives on the…

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *