EU Commission earmarks €4.6B to boost net-zero technologies

The EU is also launching the second auction of the European Hydrogen Bank, with EUR 1.2 billion in EU funds and over EUR 700 million from three Member States, to boost renewable hydrogen production in the European Economic Area. 

For the first time, a EUR 1 billion call for electric vehicle battery cell manufacturing (IF24 Battery) will support projects that can produce innovative electric vehicle battery cells or deploy innovative manufacturing techniques, processes and technologies. This is only one measure in a broader approach to mobilise investment in an area that is deemed essential for Europe's success in the clean energy transition and its competitiveness. Multiple instruments are needed to overcome some of the economic barriers that the battery value chain in Europe – including its gigafactories – is currently facing. 

Also today, the Commission and the European Investment Bank (EIB) have initiated a new partnership to support investments in the EU's battery manufacturing sector. This partnership will see a EUR 200 million top-up (loan guarantee) to the InvestEU programme from the Innovation Fund. The money will be directed to support innovative projects along the European battery manufacturing value chain to address financing challenges.

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