Electric car batteries, the EU authorizes new loans for 2.9 billion euros

Electric car batteries, the EU authorizes new loans for 2.9 billion euros
The European Commission gives the green light to common state aid for a sum of 2.9 billion euros to be allocated to the battery sector, and therefore to support research and innovation. Not surprisingly, the funds allocated will be needed to finance 42 companies involved in 46 research, development and innovation projects in twelve countries of the European Union. The plan, called European Battery Innovation, sees the participation of numerous states, such as Austria, Belgium, Croatia, Finland, France, Germany, Greece, Poland, Slovakia, Spain and Sweden. However, Italy is not lacking, which boasts the presence of numerous companies.

For these enormous innovation challenges for the European economy, the risks may be too great for a single Member State or a single company. So, it makes sense for European governments to join together to support the industry in developing more innovative and sustainable batteries, said EU Commission Vice-President Margrete Vestager.

Battery production and subsequent disposal at “End of life” is certainly one of the fundamental points on which many companies will focus in order to optimize their projects. The twelve countries will therefore be able to provide loans of up to 2.9 billion euros, which should consequently unlock another 9 billion in private investments divided between the car industry, battery manufacturers and companies specializing in recycling. In detail, the plan will affect the entire battery value chain, paying attention to sustainability at all stages, starting therefore from the extraction of raw materials to their recycling and disposal in the name of the circular economy.

The European Union has already become a pole of attraction for investments in the sector, in 2019 we were at 60 billion euros, triple that of China, explained the vice president of the European Commission Maros Sefcovic, underlining however that with this initiative Europe inevitably aims to become a leader in the production of the next generation of batteries.

As mentioned, 42 industrial companies, including small and medium-sized enterprises and start-ups, will contribute to the project, which is destined to be completed by 2028. The protagonists, half based in Italy, will work closely with each other and with over 150 external partners including universities and research organizations from all over Europe. In detail, there are four areas of cooperation, namely raw materials and advanced materials, battery elements, battery systems and finally recycling and sustainability. In the first area, the presence of the Italian Green Energy Storage, Fluorsid, Italmatch Chemicals and Solvay Italia does not go unnoticed. In the second, FCA Italy, Green Energy Storage, Midac, Tesla, Northvolt stand out. The third includes the Italian Endurance, Enel X, FCA, Fiamm, BMW, Rimac and Tesla. Finally, the fourth area sees the presence, for Italy, of Enel X, Engitec, Fiamm, Italmatch Chemicals and Tesla. Inevitably, those mentioned are just some of the major players in the plan.

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