$9 Billion Battery Project with BMW, BASF Gets EU Green Light
- Seven EU nations cleared to supply 3.2 billion-euro subsidies
- EU wants to compete with Asian battery makers in green race
This article is for subscribers only.
The European Union’s plan to kick-start battery production and compete with Asian suppliers got a boost from the approval of 3.2 billion euros ($3.5 billion) in state aid for a landmark project that spans across seven nations.
The funds will unlock private investment of around 5 billion euros in the initiative by 17 companies, taking its total value to about $9 billion. It will include industrial and automotive giants such as BASF SE, BMW AG and Fortum Oyj, in order to support the development of innovative and sustainable technologies in lithium-ion batteries from mining and processing the raw materials to production and recycling.