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© Tesla (illustration purpose only) Business | September 14, 2021

Germany hands over EUR 120 million to Tesla

The German Federal state of Brandenburg wants to contribute EUR 120 million to the funding of the planned Tesla battery factory in Grünheide near Berlin. The Ministry of Economy has confirmed that the Budget Committee has released this sum from the Future Investment Fund.

However, the Economic Committee still has to approve the decision. Economics Minister Jörg Steinbach has already informed the cabinet that an administrative agreement was planned with the federal government on modalities for joint funding of battery cell research and battery production by Tesla. According to a report by “Tagesspiegel”, Tesla can count on government funding of around EUR 1.1 billion from a European battery cell program. The German Federal Ministry of Economics stated that there was still no final figure for the funding of Tesla as part of the battery project. Brandenburg's share of the funding is far lower than usual, reports dpa. As a rule, such funds would be co-financed by the respective federal state with around 30 percent. For Brandenburg that would have meant an amount of more than EUR 340 million. Brandenburg is able to raise the sum of EUR 120 million, because a corresponding item was reserved in the future investment fund.
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September 16 2021 12:37 pm V18.22.17-2