Gigafactory planned to propel Finnish economy with 500 million euros in tax revenue

Finnish Minerals Group states that this project could significantly enhance Finland's economic and employment landscape, benefiting all societal sectors. Photo: Finnish Minerals Group

Finnish Minerals Group has sponsored a study by Ramboll, revealing that the construction phase would create around 20,117 person-years of work and approximately 714 million euros in tax revenue. 

An assessment indicates that a battery cell production plant in Kotka would significantly boost the economy and employment, generating nearly 500 million euros in new annual tax revenue. 

The multiplicative effects of production

Once operational, the plant is expected to provide about 9,898 person-years of work and generate roughly 495 million euros in new tax revenue annually. This assessment considers the plant’s direct economic impact, the multiplicative effects of production, and the multiplicative effects of consumption from the activities in Finland. 

The analysis is based on a gigafactory with a 60 GWh annual capacity. Matti Hietanen, CEO of Finnish Minerals Group, states this project could significantly enhance Finland's economic and employment landscape, benefiting all societal sectors. 

Projected to increase Finland’s GDP

The gigafactory could also use locally produced cathode active material, reducing costs and environmental impacts. The construction would require an investment of about 4.8 billion euros and create over 20,100 person-years of employment. During its operational life, the plant is projected to increase Finland’s GDP by approximately 1.1 billion euros annually, about 0.4% of Finland’s GDP in 2022. An Environmental Impact Assessment for the Kotka plant is underway, coordinated by the Centre for Economic Development, Transport, and the Environment for Southeast Finland.

Source: Yle Uutiset