Two of Europe’s leading institutional banks are set to back the launch of a raw materials investment facility to support future batteries production in the EU.
The European Investment Bank and the European Bank for Reconstruction and Development (EBRD) will underpin the facility which could be launched by the end of this year, EU energy chief and European Commission vice-president Maros Sefcovic has revealed.
Sefcovic said the move would show the EU “means business when filling the remaining gaps in the value chain, notably mining and refining”, for its Battery Alliance initiative, which aims to create a battery cell manufacturing industry to compete with Asia.
“EU companies need to be better supported to invest in sustainable mining and refining of raw materials, both in the EU and third countries,” Sefcovic said.
Details of how the funding facility would operate have not been revealed.
An EBRD spokesperson told BEST Battery Briefing the bank was collaborating with EIT Raw Materials, which is a body of the EU and offers support to mining companies in the EBRD’s region to become preferred supplies of raw materials for European-based customers.
