On Monday 9 December, the European Commission granted the European Battery Alliance the status of Important Project of Common European Interest (IPCEI), a pre-requisite for its financing by Member States.
Seven countries will contribute €3.2 billion over the coming years: Germany and France—at the start of the project (see EUROPE B12384A17)—as well as Belgium, Finland, Italy, Poland and Sweden. An additional €5 billion in private investment should be made available at a later stage.