November 16 (Renewables Now) - Germany will provide around EUR 1 billion (USD 1.13bn) in grants to back the production of battery cells for electric vehicles (EVs) and is seeking other European partners in the project.
The country's Federal Ministry of Economics this week published a paper on the industrial manufacturing of battery cells in Germany and Europe in support of a goal calling for 30% of all battery cells globally to come from those two regions by 2030. The country has set the task to create the required framework and spur investment in the sector, expecting to launch battery production itself from 2021 onwards.
Speaking at the Networking Conference Electromobility 2018 in Berlin this week, Economy Minister Peter Altmaier said as cited by Reuters that Germany is willing to collaborate with other European countries and has already contacted France, Poland and Austria. Meanwhile, it is holding detailed talks with unnamed companies regarding the initiative, with the first investment decisions expected to be taken in the first quarter of 2019.
According to the Minister, a consortium working on the project will need around EUR 500 million to kick off production.
(EUR 1.0 = USD 1.133)