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Posted on : Thursday 2nd July 2020 03:10 PM

France, Germany Plan to Create Leading Battery Industry

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France and Germany have introduced specifics of a plan to start a top electric battery industry in Europe, from the extraction of raw materials to recycling.


French Economy minister Bruno Le Maire said about 5 billion euros ($5.6 billion) should be invested in the Franco-German project, including 1.2 billion euros of public subsidies.


A pilot plant will likely to be based in France and two production plants, each of 1,500 laborers, will be built in both countries.


Le Maire said during a visit by his German counterpart Peter Altmaier to Paris: "This is an example of what Europe can do when united."


European Commission Vice President Maros Sefcovic appreciated the move as EU production represents no more than 3 percent of the world market and would like to compete with the U.S. and China.


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