EIB confirms €1bn to consolidate European battery industry

22/05/2020 08:50 Renewable

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The European Investment Bank (EIB) has confirmed it will provide more than €1billion (£892m) in 2020 to support battery projects as part of the European Battery Alliance (EBA).

The EBA, founded in 2017 by the European Commission, is aimed at creating a competitive battery cell manufacturing and sustainable value chain across Europe.

 

The funding will also support the development of new materials, improved battery management systems and recycling.

 

Andrew McDowell, EIB’s Vice-President in charge of energy, said: “The Covid-19 crisis has highlighted Europe’s vulnerability to interruptions in the supply of critical materials and technologies. As the green energy transition accelerates, creating a European battery industry is vital to protect Europe’s competitive position in the world economy.

 

“With the support of the European Battery Alliance, the European Investment Bank– the EU Bank– is significantly stepping up our financing of all stages of the battery value chain, from research and development, raw materials extraction and processing through to battery production, e-charging infrastructure and recycling.”

 

An independent battery ecosystem is expected to speed up Europe’s green transition, help decarbonise the economy and further develop low carbon solutions such as electric vehicles.

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