EU approves €3.2bn in state aid for battery project
The European Commission has approved €3.2bn ($3.54bn) in state aid for battery makers as part of a project to develop large-scale battery manufacturing in the EU.
Seven member states will provide a total of €3.2bn to support a project aimed at research and development across the European battery industry. The member states involved include Belgium, Finland, France, Germany, Italy, Poland and Sweden.
Alongside the state aid, the project — which is targeted for completion by 2031 — is expected to raise €5bn in private investment. The scheme is part of the European Battery Alliance, which was created to funnel resources towards forming a Europe-wide battery supply chain.
"Battery production in Europe is of strategic interest for our economy and society because of its potential in terms of clean mobility and energy, job creation, sustainability and competitiveness," said Margrethe Vestager, executive vice-president of "Europe fit for the Digital Age" and commissioner in charge of competition policy.
The project will involve 17 direct participants in the battery industry, including BASF, BMW, Umicore, Solvay and other smaller battery makers.
The project will be a welcome step for Europe's car industry, which has called on the commission to do more to facilitate a transition to electric vehicles (EVs).
The European Automobile Manufacturers' Association has called for higher investment around EV infrastructure after a study revealed that there were only 145,000 charging points in the EU. This is well short of the 2.8mn required for the EV market by 2030.
By Thomas Kavanagh
source: Argus Media
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Rio Tinto, BHP, and BlueScope to build ‘green iron’ plant
Tiny but vital metal markets rush to adjust to Chinese clampdown
Petra Diamonds cuts forecasts, jobs amid market weakness
El Salvador president proposes bill to overturn metals mining ban
China’s 2025 steel demand to fall 1.5% on year, state research institute says
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Tiny but vital metal markets rush to adjust to Chinese clampdown
Petra Diamonds cuts forecasts, jobs amid market weakness
El Salvador president proposes bill to overturn metals mining ban
China’s 2025 steel demand to fall 1.5% on year, state research institute says
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project