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EU approves more state aid to boost car batteries industry

first_imgBRUSSELS (AP) — The European Union has approved 2.9 billion euros in subsidies from 12 member countries to develop a project aiming at developing the electric battery industry. The EU’s executive commission had already cleared a 3.2 billion-euro plan subsidized by seven countries in December 2019 to support research and innovation in a sector where Europe is lagging behind Asian competitors. The EU, which expects that demand for batteries will grow quickly in the coming years, said Tuesday that the latest public funding is expected to unlock an extra  9 billion euros in private investment.last_img

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