29 Aug 2019, 12:29
Edgar Meza

European alliance to establish two battery production projects

dpa / Handelsblatt

A European battery cell production initiative is well under way with more than 20 companies involved in two projects, German economy minister Peter Altmaier told reporters in Paris on Wednesday, according to a dpa article carried by Handelsblatt Online. Germany has committed 1 billion euros to the ambitious project, while France is investing 700 million euros, Reuters reports. The European Commission is due to approve the initiative before October. Germany and France have been keen to develop batteries in Europe in order to avoid becoming dependent on Chinese storage systems. EU Commission Vice President Maros Sefcovic helped launch the battery alliance in 2017 with the aim of building battery factories in time for the expected boom in electric cars in Europe.

Spearheading the initiative is a French consortium that includes automaker PSA, its German unit Opel and Total subsidiary Saft. A German consortium is also taking shape and major companies are eager to take part, with initial investment expected soon, Altmaier added. The German economy minister has previously said the establishment of battery production in Europe would also create jobs in Germany. Production could begin by 2022, Altmaier added.

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