Northvolt's shareholders include Volkswagen VOWG_p.DE and Goldman Sachs GS.N. The $369-billion U.S. Inflation Reduction Act passed last year prompted companies including Northvolt to pause for thought on planned investments in Europe, lured across the Atlantic by hefty subsidies and cheaper energy. There are certain requirements in order to make this feasible in competition with the United States," Nicolas Steinbacher, Head of Strategy and Program for Northvolt in Germany, said at a battery conference in Berlin.