Swedish battery maker Northvolt may delay the opening of its planned new Gigafactory in Germany, according to media reports.
Northvolt’s CEO Peter Carlsson told reporters in Germany that current electricity prices threaten the profitability of the plant, reported Swedish news agency TT. The factory was supposed to begin production in Heide, Schleswig-Holstein, in 2025, with annual output of 60GWh.
Carlsson said construction may be delayed and instead the company will look to the US market and focus its expansion there instead of Europe.
The company announced its German factory plans in March 2022. It would be Northvolt’s third European battery Gigafactory.