European Union Plans To Make Substantial Investments In Battery Technology

Battery Technology Investment

The Europeans are counting for their living on the automotive industry and therefore, the EU (European Union) plans to make an investment in this space in order to develop the battery technology so that the people employed in this industry and able to sustain their jobs in years to come. This news would be highly beneficial for the companies which are planning to come up with large plants as they would be helped by the government in the form of cash infusion. Key personnel of the European Commission believes that the need for batteries would continue to rise in the automotive industry. The EU needs to have an independent capacity which would aid the production as well as the development of the batteries so that it continues to be the leader. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

There could be several reasons prompting the European Union to make the deployments of large chunks of money. However, the region is planning to reduce the dependency on other regions like Asia (South Korea as well as China) for the requirement of batteries. This reduction in the dependency would help the carmakers in Europe. Even some of the companies have shown the positive and favorable response for the same. Northvolt, which is in the business of battery cell maker, recently stated that it will be requesting the EIB or European Investment Bank to provide with some surplus money so that its construction activities are boosted. The company has been building a lithium-ion battery plant in Sweden. The company also mentioned that it had entered into a deal with Umicore, which is a materials and recycling firm in Belgian, and also with BMW, a German carmaker. The EU reflected positive views for these deals and stated these types of deals and stated that EBA or European Battery Alliance has come up with different types of funding processes. These processes even have the flexibility of providing 100% funds for the research if some cross-border projects are also included.

EBA stated that the development of the EU-based battery industry would be termed as the long-term strategic goal and car manufacturers might not be able to support on their own. Apart from Northvolt, three more groups have shown interest in building lithium-ion battery plants. Saft has entered into the partnership agreement with Solvay, Siemens as well as Manz. Umicore needs a factory which would manufacture the battery materials in Poland. Varta might enter into an agreement of collaboration with Ford.

The investment by the European Union was the need of the hour as they really need to catch up on the battery technology. Moving forward, the consumers would be more dependent on electric cars and one needs to achieve expertise in regard to research, innovation as well as skills which are related to the batteries so that the new models can be developed. Working to improve the battery technology would also help in increasing the employment opportunities which would help the overall and broader development of the economy.

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