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EU, EIB initiative to support battery manufacturing in Europe
Aya El Sayed Published in Amwal Al Ghad on 03 - 12 - 2024

The European Commission and the European Investment Bank (EIB) unveiled on Tuesday a €3 billion partnership to boost the EU's battery manufacturing sector.
The initiative includes a €200 million loan guarantee from the EU Innovation Fund to the InvestEU programme and €1 billion in grants to support electric vehicle battery cell manufacturing projects.
The EIB plans to invest an additional €1.8 billion in the broader battery value chain, targeting advanced materials, component manufacturing, and innovative recycling techniques. This funding will bridge gaps between research and large-scale deployment, tackle market inefficiencies, and promote private investment.
Vice President Thomas Östros emphasised the importance of innovation in driving a sustainable, competitive battery ecosystem. European Commissioner Wopke Hoekstra highlighted battery production as crucial for achieving climate neutrality by 2050.
The initiative aligns with the EU Green Deal, Batteries Regulation, and Net-Zero Industry Act, bolstering Europe's commitment to a circular economy and clean energy transition.
Attribution: EIB
Subediting: M. S. Salama

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