The European Commission ratifies a second pan-European research and innovation project along the entire battery value chain, worth €2.9bn.
The European Commission has approved a second Important Project of Common European Interest (IPCEI), named European Battery Innovation, to support research in the battery value chain.
Austria, Belgium, Croatia, Finland, France, Germany, Greece, Italy, Poland, Slovakia, Spain, and Sweden will provide up to €2.9bn in funding in the coming years. The public funding is expected to attract an additional €9bn in private investments.
Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “For those massive innovation challenges for the European economy, the risks can be too big for just one Member State or one company to take alone. So, it makes good sense for European governments to come together to support industry in developing more innovative and sustainable batteries.
“Today’s project is an example of how competition policy works hand in hand with innovation and competitiveness. By enabling breakthrough innovation while ensuring that limited public resources are used to crowd in private investment and that competition distortions are minimised. With significant support also comes responsibility: the public has to benefit from its investment, which is why companies receiving aid have to generate positive spillover effects across the EU.”
The project will cover the entire battery value chain from raw materials, design, and the manufacturing of battery cells and packs, and finally the recycling and disposal in a circular economy. It is expected to contribute to the development of a new set of technological breakthroughs, such as different cell chemistries and novel production processes.
Vice-President Maroš Šefčovič, in charge of the European Battery Alliance, said: “Thanks to its focus on a next generation of batteries, this strong pan-European project will help revolutionise the battery market. It will also boost our strategic autonomy in a sector vital for Europe’s green transition and long-term resilience. Some three years ago, the EU battery industry was hardly on the map. Today, Europe is a global battery hotspot.”