The European Commission has approved public funding to be provided by Austria, Belgium, Croatia, Finland, France, Germany, Greece, Italy, Poland, Slovakia, Spain and Sweden for 42 small and medium-sized enterprises and start-ups in the battery sector.
Apart from EUR 2.9 billion in state aid, the European Battery Innovation project is expected to unlock an additional EUR 9 billion in private investments.
According to a press release, the commission has approved, under EU State aid rules, a second Important Project of Common European Interest (IPCEI) to support research and innovation in the battery sector. The value of the state aid for the first IPCEI was EUR 3.2 billion.
The project will involve 42 direct participants, including SMEs and start-ups
The project will involve 42 direct participants, including small and medium-sized enterprises (SMEs) and start-ups operating in one or more member states. In the countries tracked by Balkan Green Energy News, the participants are RimacAutomobili, based in Croatia, and Sunlight Systems from Greece.
The project is expected to be completed by 2028, the commission said.
The project will cover the entire battery value chain
The project will cover the entire battery value chain from extraction of raw materials, design, and 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 whole set of new technological breakthroughs, including different cell chemistries and novel production processes, and other innovations in the battery value chain, in addition to what will be achieved thanks to the first battery IPCEI, the commission said.
Vestager: With significant support also comes responsibility
Executive Vice-President Margrethe Vestager, in charge of competition policy, said that 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 the industry in developing more innovative and sustainable batteries.
“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,” she added.