Five EV Battery Projects Secure €643M from Innovation Fund 2024
- Five EV battery projects receive €643M from the Innovation Fund 2024.
- Projects aim to reduce 88 million tonnes of CO2 by 2029.
- Located in four EU countries, they enhance the battery value chain.
- Projects align with EU climate and industrial objectives.
Overview
Five electric vehicle battery cell projects have secured €643 million under the Innovation Fund 2024 Battery call. These projects, sourced from the EU Emissions Trading System, aim to deploy innovative decarbonisation solutions.
Impact and Goals
Expected to be operational between 2027 and 2029, the projects are set to reduce emissions by 88 million tonnes of CO2 equivalent over their first decade. They will enhance Europe's manufacturing industry and battery ecosystem by implementing advanced processes and technologies.
Strategic Importance
Located in four EU Member States, these projects will support the battery value chain, including material production, cell manufacturing, recycling technologies, and second-life applications. They aim to create jobs, increase European autonomy, and reduce reliance on external suppliers.
Alignment with EU Objectives
The projects align with the EU's climate and industrial goals, supporting the Clean Industrial Deal, Industrial Action Plan, Net-Zero Industry Act, and Critical Raw Materials Act. They also contribute to the Circular Economy Action Plan and Sustainable and Smart Mobility Strategy, promoting a competitive and sustainable European battery industry.
Source: European Commission