Consent to open this financing has been approved for seven countries: Germany, Italy, Poland, Sweden, Finland, France and Belgium – it is believed that thanks to this public funding around 5 additional billion euros from private investments will be unblocked on the market. The whole project is to be completed in 2031, and therefore in 12 years. It is a relatively long time, however, according to the forecasts of scientists and industry experts, it may take us so much to refine the technology of producing such batteries that consumers expect in the automotive market.
Margrethe Vestager, co-responsible for this project with the European Commission, believes that developing much better battery technologies is a huge challenge, but also an opportunity for European societies. It is important to create an environment for devices working under clean and properly available energy. Batteries are a crucial point of the automotive revolution focused around moving away from internal combustion engines: by creating longer-running, longer-lasting and cheaper batteries, this revolution has the chance to roll faster across Europe, for the benefit of all. As part of such projects, the European Union intends to support all good ideas that could have problems with functioning, e.g. due to very fierce competition on the electromobility market and a lack of funds among talented innovators. Research and work on technologies for creating batteries are extremely expensive, hence the high amount of additional funding for entities that intend to deal with electromobility from the side of batteries.