Norwegian battery startup Freyr is planning its next factory in an Atlanta suburb because a new U.S. clean energy law offers generous tax credits for local production.
— are much larger and richer than others. But to compete with the U.S., the EU relaxed those restrictions for clean industries, marking a fundamental change for Brussels from its long-held view that government should take a hands-off approach to free markets.
“You might have more proximity, but the cost will be much higher” if global supply lines disappear, she warned."Will the consumer be willing to pay?” , which it called the biggest single investment ever for a standalone battery manufacturing facility in North America., LG “aims to respond to the fast-growing needs for locally manufactured batteries on the back of the IRA,” the company said.by 2025 and batteries for energy storage systems a year later.
“It’s important for us to produce batteries on both sides of the Atlantic because our customers and our supply chain partners want us to be present in both places,” CEO Jensen said at an opening ceremony for a pilot plant in Mo i Rana.
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US tax breaks lure European clean tech companies as EU lagsNorwegian startup Freyr will first build batteries to power electric vehicles and store clean energy in a remote town near the Arctic Circle. Up next? An Atlanta suburb.
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US tax breaks lure European clean tech companies as EU lagsNorwegian battery startup Freyr is planning its next factory in an Atlanta suburb because a new U.S. clean energy law offers generous tax credits for local production. Across Europe, companies seeking to invest in the green energy boom ranging from batteries to solar panels are making similar calculations. They're weighing up the U.S. Inflation Reduction Act’s $375 billion in benefits for renewable industries against Europe's fragmented response. Executives hail the U.S. program’s simplicity. Some complain that a plan from the 27-nation European Union is underwhelming, confusing and bureaucratic, putting Europe at risk of falling behind in the green energy transition.
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U.S. tax breaks lure European clean tech companies as E.U. lagsA new U.S. clean energy law offers generous tax credits — up to 40% of costs — in what is a “massive, massive incentive” for E.U. tech companies producing in America, Norwegian CEO says.
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