Good morning, Peter Vanham here in Geneva, filling in for Alan.
Companies are now announcing multi-billion dollar investments in U.S. clean energy and transportation seemingly every week. But what’s even more striking than the pace of the commitments is how many of them are coming from overseas.
- Late last year, Norwegian battery maker Freyr announced its first gigafactory outside of Norway would be built in Coweta County, Georgia, with an initial investment of $1.7 billion.
- In February, Swedish battery maker Northvolt said it was preparing to invest in a new manufacturing plant in the U.S., qualifying for up to $8 billion in tax credits.
- In March, German carmaker Volkswagen said it would invest at least $7.1 billion in North America and launch 25 new electric vehicles by 2030.
- Last week, Italian utility company Enel announced it would add 10,000 fast EV chargers across the U.S., as well as millions of home chargers, in a multi-billion dollar commitment.
- In Texas recently, European firms including HIS Global, OCI N.V., and Tree Energy Solutions have each announced “green gas” production plans totaling billions of dollars.
