12 Member States (Austria, Belgium, Croatia, Finland, France, Germany, Greece, Italy, Poland, Slovakia, Spain and Sweden) will provide public funding expected to unlock an additional €9 billion in private investments. This brings the total investments in the project to almost €12 billion.
The so-called European Battery Alliance (EBA) was launched in October 2017 by EU Commission Vice President Maros Sefcovic. The purpose is to ensure that all Europeans benefit from cleaner vehicles and more sustainable technological solutions.
Maros Sefcovic, said:
- Thanks to its focus on a next generation of batteries, this strong pan-European project will help revolutionise the battery market
- It will also boost our strategic autonomy in a sector vital for Europe's green transition and long-term resilience
- Some 3 years ago, the EU battery industry was hardly on the map. Today, Europe is a global battery hotspot
- By 2025, our actions under the European Battery Alliance will result in an industry robust to power at least 6 million electric cars each year