EU approves $3.5 billion in aid for battery production, r&d

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FRANKFURT — Opel and French battery producer Saft can go ahead with a program to create electrical car or truck battery cells in Germany right after the European Union authorized the use of point out help for the undertaking.

The corporations program to generate battery cells at Opel’s parts plant in Kaiserslautern in southwest Germany. The European Fee stated Monday that point out help could be supplied for the undertaking. It stated battery output in Europe is of strategic desire.

In whole, the Fee authorized actions really worth three.two billion euros ($three.53 billion) to aid initiatives for r&ampd in battery engineering in 7 EU international locations – Germany, France, Italy, Belgium, Finland, Poland and Sweden.

Opel stated the determination will make it possible for the joint enterprise to end drafting a complete business enterprise program for the undertaking.

“The undertaking companions will now get ready to full an evaluation of the undertaking just before a remaining determination is taken,” Opel stated in a assertion.

Carlos Tavares, CEO of Opel father or mother PSA Team, experienced stated in September that the undertaking was dependent on getting aid from France and Germany, due to the fact or else its would be deeply decline-generating.

The three.two billion euros in general public funding is envisioned to unlock an more five billion euros in personal investments, the Fee stated in a assertion.

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