EU green lights multi-billion euro support for battery industry

The European Commission has cleared seven EU countries to provide €3.2 billion in public support for research and innovation into rechargeable batteries, in line with its ambition to make Europe a global leader in the production of rechargeable batteries.

“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, the vice-president in charge of competition policy.

With batteries seen as crucial in powering vehicles and storing electricity as Europe's grid relies increasingly on intermittent renewable electricity, the EU executive has set up an industry alliance to establish large scale domestic production and develop supply chains.

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