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The Commission has approved, state aid of up to €2.9 billion in funding for an ‘Important Project of Common European Interest’ (IPCEI) to support research and innovation in the battery value chain. The twelve EU countries involved will provide public funding expected to unlock an additional €9 billion in private investments.
The project, called “European Battery Innovation” was jointly prepared and notified by Austria, Belgium, Croatia, Finland, France, Germany, Greece, Italy, Poland, Slovakia, Spain and Sweden.
€2,9bn public money crowding in €9bn for massive innovation in battery value chain – make it more sustainable. Risks can be too big for one MS/one company to take alone. Good that European governments come together to support! Benefits for the many when new knowledge is shared.
— Margrethe Vestager (@vestager) January 26, 2021
Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “For those massive innovation challenges for the European economy, the risks can be too big for just one member state or one company to take alone. Today’s project is an example of how competition policy works hand in hand with innovation and competitiveness. With significant support also comes responsibility: the public has to benefit from its investment, which is why companies receiving aid have to generate positive spillover effects across the EU.”
When Vestager was asked if companies from outside the EU, such as Tesla, could benefit from this funding she said that this was possible and showed that the EU was committed to open strategic autonomy and welcomes non-EU firms when they have the right projects.
The Vice-President for Foresight, Maroš Šefčovič, said: “The Commission has given its green light to a second important project of the common European interest in the field of batteries. Technology is vital for our transition to climate neutrality. The figures show what an enormous undertaking this is. It involves twelve member states from North, South, East and West, injecting up to €2.9 billion euros in state aid in support of 46 projects designed by 42 companies, which in turn will generate three times as much private investment. “
“You miss
% of the shots you don’t take.” @WayneGretzky, turning 60 today, famously said.
The success of EU #battery sector
serves as a tangible testimony to that. It’s defying the negative trends in our economies & we’re on track towards attaining open strategic autonomy. pic.twitter.com/QBQVnTBVIa
— Maroš Šefčovič
(@MarosSefcovic) January 26, 2021
The project will cover the entire battery value chain: extraction of raw materials, design and manufacturing of battery cells, recycling and disposal. It is expected to contribute to the development of a whole set of new technological breakthroughs, including different cell chemistries and novel production processes, and other innovations in the battery value chain, in addition to what will be achieved thanks to the first battery IPCEI.
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