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Northvolt’s $5B debt deal should be a wake-up call for the US battery industry
The U.S. battery industry has surged in the wake of the IRA, but it still lacks a domestic anchor like Northvolt.
Even China’s leading battery companies, CATL and BYD, are related to existing manufacturers, and all of them have benefitted from generous state subsidies and industrial policies. Northvolt’s $5 billion loan won’t be enough to guarantee success, but it should be enough to help ramp up its production to a targeted 60 gigawatt hours, enough for over 1 million Volkswagen ID.3s, Europe’s best-selling, non-Tesla EV. Northvolt is also building factories in Germany and Montreal, the latter of which is meant to attract production tax credits in the U.S., offered by the Inflation Reduction Act (IRA).
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