Two electric vehicle battery makers plan to spend around 10 billion euros ($11 billion) on factories in Europe, they said on Friday, after Europe loosened state aid rules for green industry projects in a bid to win the subsidy race with the U.S.
, has been trying to lower dependency on Asian countries for batteries that will power green electric cars, though the region still relies heavily on Asia for sourcing and processing raw materials like lithium, cobalt and manganese.
from Volkswagen to utility Enel and cement maker Holcim to call on the European Union to do more to encourage investment.said in MarchFor Northvolt, Europe's 'Temporary Crisis and Transition Framework' which simplifies conditions for countries to grant aid to green projects and allowed Germany more freedom in offering support for the battery plant, helped firm up its plans to build in the region, a spokesperson said.
Northvolt, alongside Volkswagen, is the furthest ahead among just a handful of European players paving the way for a home-grown battery industry, with a large chunk of planned capacity in Europe to be owned by Asian players.
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