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
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