500 million fund to strengthen the battery industry in Europe
Published: Thursday, Jan 18th 2024, 07:40
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The EU-supported network EIT InnoEnergy and the venture capital company Demeter Investment Managers want to strengthen the battery industry in Europe with a fund worth up to 500 million euros. There is a rapidly growing demand for batteries in Europe.
There is a significant supply shortage of important battery raw materials and a blatant dependence on foreign imports, according to a statement published by EIT InnoEnergy in Davos on Thursday, which was made available to the German Press Agency in advance. The fund aims to counteract this.
The aim of the fund is to increase Europe's production capacities for important battery raw materials such as lithium, nickel and cobalt and thus establish a competitive European battery industry. At least 70 percent of the investments are to flow into projects in the EU and its neighboring countries, and around 30 percent into the supply of raw materials for EU raw material partner countries such as Canada, Namibia and Argentina.
The fund only supports projects that meet strict environmental standards and comply with the requirements of the EU Battery Regulation. EIT InnoEnergy is a Europe-wide network of research institutions and companies.
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