The European Commission has approved 3.2 billion euros for eu projects aimed at further developing new battery technologies,media reported. The money comes from several EU member states, including Belgium, Finland, France, Germany, Italy, Poland and Sweden. Public funding will allow private companies to invest an extra 5 billion euros.
Margrethe Vestager, executive vice-president of the European Commission, said:
“Battery production in Europe is strategic for our economy and society because of its potential for green travel and energy, job creation, sustainability and competitiveness. The approved assistance will ensure that this important project can continue without excessive distortion of competition. “
The public funds will be used to study the extraction and processing of raw materials, the production of advanced chemical materials, the design of battery cells and modules and how to integrate them into the system, and finally to recycle or reuse old batteries. Funding such projects was one of the tasks set out by the Chairman of the Commission, Ursula von der Leyen, in his declaration earlier this year.
By investing in research and development of battery technology, the EU hopes to achieve its goal of a zero-carbon economy by 2050. The money could mean products such as electric cars with more battery capacity, better range and a greener technology.