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EU Approves $2.2 Billion Slovak Aid Scheme to Boost Cleantech Manufacturing

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The European Union has approved a 1-billion-euro ($2.2 billion) Slovak state aid scheme to boost clean technology manufacturing capacity, the European Commission said on Wednesday.

The scheme, approved under the European Union's Clean Industrial Deal State Aid Framework, will support investments in manufacturing capacity for clean technologies and related components, the Commission said in a statement.

The EU executive body said the measure would help ensure sufficient manufacturing capacity for technologies essential to Europe's decarbonization efforts and was consistent with the bloc's Clean Industrial Deal objectives.

"In particular, the aid will incentivise the production of clean technologies, as well as their main specific components and related critical raw materials," the Commission said, adding that support under the scheme may be granted until Dec. 31, 2030.

The framework allows EU member states to provide support across several areas linked to the clean energy transition, including renewable energy deployment, industrial decarbonisation, clean technology manufacturing and investments aimed at reducing risks for private capital.

Member states can support strategic projects identified under the Net Zero Industry Act, including batteries, solar panels, wind turbines, heat pumps, electrolyzers and carbon capture, utilization and storage technologies.

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