Tesla (TSLA) Giga Berlin Gains Brandenburg's Approval for Funding

September 15, 2021 4:29 PM EDT

On September 15, the Economic Committee of the Brandenburg State Parliament approved funding for the construction of Tesla's (NASDAQ: TSLA) battery factory in Germany. Funding was approved in the amount of €120 million. Participants of the behind-door discussion have reported that parliamentary groups from the ruling coalition of the SPD, CDU, and the Greens voted in favor of approving funding. Opposition factions abstained from voting.

According to recently released information, Tesla may receive funding of about €1.14 billion from the second European battery cell program Important Projects of Common European Interest.

Giga Berlin will produce 50-gigawatt hours of battery cells annually. In the future, Tesla CEO Elon Musk hopes to produce around 250 gigawatt-hours per year. “I can even imagine expanding to 200 to 250 GWh,” he said. "I'm pretty sure that that would make it the largest battery factory in the world."

By Michael Elkins | [email protected]

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