Northvolt Plans to Announce a U.S. Factory in the Next Quarter

Northvolt CEO Peter Carlsson told CNBC Tuesday that the company will outline plans for a new manufacturing plant in the United States before the end of the summer.

The Swedish firm has been rethinking some of its investment decisions in light of the United States Inflation Reduction Act, or IRA. The historic legislation, which includes green business subsidies, is worth more than $300 billion.

Northvolt said in October that it may prioritise expansion in the United States over Europe, despite having proposed a new plant in Germany in May.

Northvolt batteries are mostly found in electric vehicles. Volkswagen, BMW, and Scania are among its most important customers. It is also backed by companies such as Goldman Sachs.