16/05/2019 (Agence Europe) – The EU has taken another step towards creating a competitive European battery sector. On Thursday, 16 May, the European Commission announced that the European Investment Bank (EIB) has agreed in principle to contribute up to 350 million euros to the construction of the Northvolt Gigafactory. Northvolt is a European consortium created in 2016 that aims to produce lithium-ion batteries in an environmentally responsible way. The production plant will be located in Skellefteå, Sweden. Once the loan agreement is in place, the institution says that the financing will be backed by the European Fund for Strategic Investments (EFSI). Creating a European battery sector has become a strategic issue for the European Union, and major transnational partnerships are beginning to emerge (see EUROPE 12246/9). (PH)