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12/9/2019, 1:19 PM (Source: TeleTrader)
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EC approves €3.2B subsidies for battery industry

The European Commission (EC) decided to approve subsidies for research and innovation in the European electric battery industry worth around €3.2 billion, the European Union's governing body said in a statement on Monday. Private investments that should be triggered by the EU's subsidies are expected to reach €5 billion.

The battery value chain project, which is set to be finished by 2031, will be conducted by 17 participants from seven EU countries, including Germany, France, Italy, Poland, Belgium, Finland, and Sweden. Germany is expected to provide €1.25 billion funding, more than any other member state, followed by France which will invest €960 million.

"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," Margrethe Vestager, Executive Vice-President “Europe fit for the Digital Age” and Commissioner in charge of competition policy said in a statement

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