The U.S. Inflation Reduction Act has driven Swedish battery maker Northvolt to announce for a factory in Canada earlier than originally expected, in a concrete example of how Biden's policy is influencing business decisions.
"It definitely played a role to accelerate our decision to expand into North America," Paolo Cerutti, co-founder of Northvolt told CNBC.
Northvolt announced Thursday it will establish a fully integrated lithium-ion battery gigafactory in the Canadian province of Quebec — its first factory outside Europe.
The $300 billion U.S. Inflation Reduction Act, often referred to as IRA, is a landmark climate and tax deal that includes green subsidies for businesses.
Canada has also offered the Swedish battery maker its own support in the form of loans.
Persons:
Northvolt, Paolo Cerutti
Organizations:
CNBC
Locations:
Swedish, Canada, North America, Canadian, Quebec, Europe