EU announces €4bn state aid to back battery and green tech factories

News Snapshot:

The EU has announced €4bn (£3.4bn) of state aid investments in new factories producing electric batteries for cars, heat pumps and solar panels as it seeks to accelerate production and the uptake of green technologies and combat cheap Chinese imports. The Swedish battery producer Northvolt will receive €902m in state aid to build a new factory in Heide in Germany, while a wide range of clean tech factories in France are to get a €2.5bn bump in state aid. The investments form part of the EU’s mission to be climate neutral with net zero gas emissions by 2050 but are...