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EU Battery Ambitions to Get $1.1 Billion Research Boost

  • Member states discuss plan to make Europe a global battery hub
  • EU wants faster electric vehicle rollout under the Green Deal
The Battery Alliance project is a key part of the EU plans to slash greenhouse gas emissions.

The Battery Alliance project is a key part of the EU plans to slash greenhouse gas emissions.

Photographer: Ronny Hartmann/Getty Images

The European Union’s project to become the world’s second-largest battery producer is set for a springtime boost, when companies in the sector get 900 million euros ($1.1 billion) to bolster research and innovation.

The EU has already invested billions in its Battery Alliance project set up to compete with Asia, currently Europe’s only provider of EV batteries. The region’s market value will reach 250 billion euros by 2025, with production capacity able to meet auto industry demand, according to European Commission estimates.