Innovation Fund 2024: New Calls for Net Zero Technologies and Electric Vehicle Battery Cells
The battery partnership was announced by the European Commission and the EIB in conjunction with the launch of a €1 billion call under the Innovation Fund to provide grants for projects producing cells for electric vehicle batteries. As part of the new partnership, the EIB plans to invest an additional €1.8 billion in the broader battery value chain, bringing - through these joint efforts - a total public support of €3 billion to develop a competitive and sustainable European battery industry.
The New EU Battery Partnership
Battery production is a cornerstone of the EU's energy transition process, crucial not only for the transport and energy sectors but also for the Union's broader strategic autonomy, in line with the Net-Zero Industry Act.
The EIB supports the entire battery value chain, including raw materials, research, production, charging infrastructure, and recycling. Over the past six years, it has already allocated €6 billion in funding to the sector. In addition to these efforts, the Bank aims to invest another €1.8 billion in the supply chain, supported by the €200 million top-up to InvestEU guaranteed by the Innovation Fund to incentivize investments and make the European battery industry cleaner and more competitive.
The integration of the InvestEU Program guarantee will support innovative projects along the European battery production value chain, enabling further Venture Debt operations by the EIB that, over the next three years:
- will help companies bridge the gap between research and development and large-scale commercial deployment;
- will reduce market failures;
- will leverage public funding to mobilize private investments;
- will contribute to creating innovative and resilient supply chains for energy storage in Europe.
Support will target a wide range of battery technologies, such as advanced material development, component manufacturing, or innovative recycling techniques. Through a periodic application process, the EIB will select eligible operations to access the Venture Debt product based on the Bank's criteria as well as the technical and commercial feasibility of the projects.
Interested candidates can find more information on the EIB webpage dedicated to venture debt and apply via the EIB MyRequests portal.
Learn more: Guidelines for investment and financing under InvestEU
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