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EC Unveils $1.71 Billion Loan Package for Battery Cell Makers in Europe

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The European Commission has invited applications for up to $1.5 billion euros ($1.71 billion) in interest-free loans as part of its efforts to support battery cell manufacturing projects across the European Economic Area, it said on Tuesday.

The funding is part of the so-called Battery Booster Facility, established last month and financed by the Innovation Fund through revenues generated by the EU Emissions Trading System, a statement said.

The facility intends to speed up industrial deployment of batteries, improve the battery manufacturing capacity in Europe and help develop a resilient European battery value chain, the statement said.

"By addressing financing needs at this stage, the facility will help innovative projects scale up production, attract private investment, and bring new manufacturing capacity to Europe faster," it said.

Eligibility criteria include company location in the European Economic Area, the existence of new battery cell manufacturing for electric vehicles already in a ramp-up phase and a planned annual output capacity of at least 10 gigawatt hours.

The facility will cover up to 60% of eligible costs with a limit of with 500 million euros per project. The last day for the submission of proposals is Sept. 30.

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