The European Investment Bank (EIB) has pledged to invest in one year what it has previously invested over the past decade in battery-related projects, as part of a renewable energy push spurred by COVID-19.
Since 2010, EIB has financed €950 million ($1 billion) of battery projects and supported €4.7 billion ($5.1 billion) of overall project costs. The bank has now revealed plans to funnel more than €1 billion ($1.1 billion) into battery-related projects in 2020 alone.
“The COVID-19 crisis has highlighted Europe’s vulnerability to interruptions in the supply of critical materials and technologies,” explained Andrew McDowell, the EIB vice president in charge of energy in a press release. “As the green energy transition accelerates, creating a European battery industry is vital to protect Europe’s competitive position in the world economy.”
The battery market is projected to grow to €250 billion ($274 billion) per year by 2025. EIB noted batteri