€1bn for battery tech in Europe
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The new European commissioners have launched a €1bn series of grants for battery technology across the continent with a particular focus on anode and cathode materials.
The Battery Call (IF24 Battery) is focused on supporting the European battery ecosystem, particularly electric vehicles, looking at suppliers of components as well as of machinery/manufacturing equipment. It will also address the risk of building dependency specifically on China for cathodes and anodes active material and the risks this can pose to security of supply.
Under the new and additional “Security of supply and countering dependency” award criterion, less sourcing of cathodes and anodes and active material from China will lead to higher scores. This approach aims to avoid increased and irreversible dependency of the EU on imports of strategic battery components and mirrors the approach taken for the electrolyser sourcing for hydrogen power.
To address the funding challenges that saw Northvolt enter bankruptcy protection last month, the Commission and the European Investment Bank (EIB) have also initiated a new partnership to support investments in the EU’s battery manufacturing sector. The EIB was the first investor in Northvolt.
This will see a €200 million top-up loan guarantee to the InvestEU programme from the Innovation Fund. The money will be directed to support innovative projects along the European battery manufacturing value chain to address financing challenges by enabling additional EIB venture debt operations over the next three years.
Separate calls for manufacturing of renewable technologies at €2.4bn and hydrogen generation bring the total call up to €4.6bn.
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