EU green light for $3.5 billion pan-European battery project: Report
EU competition regulators on Tuesday approved a 2.9-billion-euro ($3.5 billion) battery project funded by Germany, France, Italy and nine other EU countries, responding to the growing demand for car and industrial batteries in the 27-country bloc.
Members of the scheme called European Battery Innovation include Austria, Belgium, Croatia, Finland, Greece, Poland, Slovakia, Spain and Sweden, the European Commission said.
The countries hope to attract 9 billion euros from private investors.
The bloc launched the European Battery Alliance in 2017 in a bid to develop an industry that should flourish in a low-carbon future and ensure the continent is not reliant on imported products – or technology.
