European Commission expands support for clean battery production

The European Commission (EC) announced on Tuesday that it is willing to provide interest-free loans totalling EUR 1.5 billion to accelerate the production of batteries for electric vehicles. The funding will be provided from revenue generated by the European Union Emissions Trading System.

The EC is inviting proposals from interested parties in the European Economic Area (EU Member States, Iceland, Liechtenstein, and Norway) until September 30. Projects must be submitted by organizations with a potential annual production capacity of at least 10 gigawatts.

Approved projects will receive funding covering up to 60% of eligible costs, up to a maximum of EUR 500 million, CE Report quotes BTA.

The EU introduced the support mechanism for European battery manufacturers earlier this year. The goal of the mechanism is to expand European production and introduce cleaner technologies as part of efforts to protect the environment.

Photo: Chat GPT