Investors - MAY 22, 2020

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EIB plans colossal investment in battery infrastructure market

by Kali Persall

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

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