Germany and France are joining forces to develop the next generation of batteries for electric cars.
German Minister of the Economy and Energy Peter Altmaier kicked off the project in early May together with his French colleague Bruno Le Maire and EU Commission Vice-President Maros Sefcovic.
Germany and France are investing €1.2 billion in the project. A pilot factory will be up and running in France in 2020, while operational factories are scheduled to open in Germany and France in 2022 and 2023 respectively.
Altmaier said that more than 30 German companies have expressed interest in being part of the international consortium behind the project. The initiative aims to close the gap between European battery makers and their Chinese competitors.