Overview

• The European Commission has launched a €4.6 billion ($4.8 billion) cleantech funding package, with €1 billion allocated specifically for EV battery projects.
• Grants will favor projects that reduce dependency on Chinese materials, with stricter criteria targeting supply chain resilience for both EV batteries and green hydrogen production.
• Applications for subsidies are open until April 2025, with agreements expected to be finalized by early 2026, though specific grant limits per project remain undisclosed.
• Northvolt, once a flagship of Europe’s clean energy ambitions, has filed for bankruptcy with $5.8 billion in debt and is seeking a buyer by year-end after a failed rescue package.
• The EU’s measures reflect broader efforts to bolster domestic clean energy industries, including recent tariffs on Chinese EVs and restrictions on Chinese electrolysis equipment in hydrogen projects.