The EU battery industry will receive almost € 3 billion in aid

The European Union has agreed to provide € 2.9 billion in state aid from 12 member countries for a second pan-European project to develop the electric battery industry, aimed at getting rid of dependence on imports from Asia. The EU, which expects demand for batteries to grow rapidly in the coming years, said that the latest subsidies should also lead to private investment of € 9 billion. The European Commission has stated that the project, which involves Austria, Belgium, Croatia, Finland, France, Germany, Greece, Italy, Poland, Slovakia, Spain and Sweden, will cover the entire production chain from raw material extraction, through battery design and production to after their recycling. "By focusing on the next generation of batteries, this strong pan-European project will help revolutionize the battery market," said Maroš Šefčovič, Vice-President of the European Commission. "At the same time, it will strengthen our strategic autonomy in a sector that is important for Europe's green transition," he added. Šefčovič noted that the EU wants to develop a battery industry that will be able to power at least 6 million electric cars every year from 2025.