Investment up to 6 billion Euros in voltaic car batteries by European association

Investment up to 6 billion Euros in voltaic car batteries by European association

Investment up to 6 billion Euros in voltaic car batteries by European association

At a press conference with his German counterpart Peter Altmaiers, France's Bruno Le Maire said a maximum of 1.2 billion euros in public subsidies would be granted to the association. Paris: The French and German finance ministers reported on Thursday,
European governments and companies will form an association for developing next-generation batteries for electric vehicles, investing five to six billion euros ($5.6 to $6.7 billion) in the project.
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France's Bruno Le Maire said a maximum of 1.2 billion euros in public subsidies would be given to the association, at a press conference with his German counterpart Peter Altmaier.

"Other member states have already interest in joining this project," Le Maire confirmed, including Italy, Belgium, Poland, Austria and Finland.
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He said minimum four billion Euros would granted from private companies, citing car manufacturer PSA and the French battery maker Saft, a unit of French oil giant Total.
"Today we are grasping more interest than ever" in the project, Altmaier said, adding that 35 companies had already pledged to sign up, including Europe's biggest car manufacturers.

Political leaders across the 
European Union have long called for a coordinated attempt for home-made batteries that would free car manufacturers from having to rely on Chinese batteries as the industry shifts away from combustion engines.

A pilot factory with around 200 employees will be starting in the coming months in France, with an aim of opening two production sites, in France and Germany, that would create 1,500 jobs at each.

European car manufacturers have been sloping up voltaic vehicle production after years of scandals over diesel pollution and as tougher rules on cutting carbon emissions come into force.

But EU car manufacturers buy cells from foreign manufacturers, mostly in Asia, which they use to assemble the high-capacity batteries needed to power voltaic vehicles.

Germany and France in particular have been pushing for a pan-European consortium to develop new battery technologies that would be built domestically, along the lines of the European aircraft manufacturer Airbus.

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