Sweden Pledges ⁢Support for Battery Industry with New Research Funds

The ​Swedish government has announced plans to support ⁢the⁤ country’s burgeoning​ battery industry with significant research‍ funding and initiatives to retain skilled workers.

According to a recent statement, Energy Minister Ebba Busch and four other government ministers have committed to providing 715 million crowns ($66.2 million) in research and innovation funding⁣ over the next four years.

The government emphasized the importance‍ of securing access to competitive development,‌ manufacturing, and value chains⁤ to drive success in electrification and⁤ reduce dependence on other countries.

In addition to research funding, the government has also promised to allocate⁤ 700 ⁤million crowns to support grid capacity, which may include investments in energy storage devices such as ‌batteries.

While the government has declined to provide direct funding to struggling battery maker Northvolt AB, it ​has pledged⁢ to coordinate efforts ​among stakeholders to support laid-off workers and ensure that Sweden retains the necessary competencies for a green transition.

Northvolt AB recently announced plans to cut 25% of its‍ workforce in Sweden, affecting⁢ its main factory in Skelleftea, the Vasteras factory, and ‍its Stockholm operations.