According to a recent announcement, Tesla will receive investment under an administrative agreement with Brandenburg and the German government. The investment totals 120 million euros and will go towards the building of Tesla’s battery factory.
The news came from the states Economy Department that the Budget Committee released the 120 million Euros from a future investment fund.
However, the amount still needs to receive approval from the Economic Committee next week.
Additionally, Tesla may receive 1.13 billion euros from the European Battery Cell Program. The program is part of the Important Projects of Common European Interest fund, but this number did not receive confirmation from the European Union.
Giga Berlin designs allow it to produce 50-gigawatt hours of battery cells when it opens. This would make the Tesla factory the largest battery factory in Europe. However, the company hopes to expand the facility and produce up to 250-gigawatt hours in the coming years.
If Tesla can hit that target, it would make the facility the largest battery factory in the world.