EV battery makers get a $1 billion boost in the EU – but there’s a catch
The European Commission is throwing a lifeline to its emerging EV battery sector with a hefty boost of €1 billion ($1,05b). But companies relying on Chinese materials are likely to be cut out. Question is, is it too late to save Northvolt?
The new proposal is one of the first new measures to be launched in the first week of the EU Commission’s new term, and is part of a sweeping package of €4.6 billion aimed to boost net-zero technologies, EV battery cell manufacturing, and renewable hydrogen.
“All three calls include new resilience criteria to boost European industry,” said Teresa Ribera, the commission’s new executive vice president in charge of the clean transition. “The batteries call and hydrogen bank auction will also include specific resilience criteria to protect Europe against dependency on a single supplier.”
Companies interested in applying for subsidies have until April 24, 2025 to do so, and those who will receive a grant should have a signed agreement by the first quart of 2026. For now, the EU Commission isn’t saying what the maximum amount of funding would be per project.
As Europe’s “green dream” Northvolt has been bleeding out for months, this move seems to be a nod to the difficulties in the sector. The Commission stated that “multiple instruments are needed to overcome some of the economic barriers that the battery value chain in Europe, including its gigafactories, is currently facing. The Commission will continue to deploy instruments at hand and engage in new avenues, including in the short term, for addressing barriers to large-scale industrial scale up.”
All of this enthusiasm has been fueled by a vision to cut dependency on China by creating greener EV batteries using 100 percent recycled nickel, manganese, and cobalt. But at this time, it’s uncertain if these funds will arrive in time to save Northvolt.
Northvolt has filed for bankruptcy protection in the US after a rescue package failed to go through, leaving the battery maker with just one week’s worth of cash in the account. Cofounder and CEO Peter Carlsson, who spearheaded a costly expansion, has also recently quit. The Swedish-owned battery maker filed for Chapter 11 in the Southern District of Texas, with $5.8 billion debt. Today, Reuters reports that Northvolt now seeks to sell its business by year-end, a devastating loss to what was one of Europe’s best-funded startups and recipient of the largest-even green loan in the EU.
Of course, other battery makers have hit hard times as well, including Stellantis-backed Automative Cells Company, which has stopped construction on factories in Germany and Italy. Volkswagen too has recently scaled back its plans to build battery cell factories in Europe and North America as well.
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Hyundai is about to launch a new electric SUV in China. With its big debut coming up, Hyundai just dropped a sneak peek, and it looks like it could be the IONIQ 4. Check it out for yourself in the video below.
Is Hyundai teasing the IONIQ 4?
We caught our first glimpse of the new EV model last month after Beijing Hyundai released a few official “spy” photos.
Despite the camouflage, you can see a few design elements, like a light bar across the front, slim LED headlights, and a closed-off grille. At first, it almost looks like a smaller version of the IONIQ 9, Hyundai’s first three-row electric SUV, but with a much sportier, shaped profile.
Beijing Hyundai released a new teaser for the upcoming electric SUV this week. The video shows “a wave of high-end operations” as the vehicle dances across the snow.
The video highlights features like real-time torque control, high-speed cornering, and the SUV’s impressive body control while driving around cones.
Hyundai’s new electric SUV is being called “OE” internally, according to The Korean Car Blog, suggesting it could be an IONIQ model.
All other Hyundai IONIQ EV models were also codenamed with an “E” internally, which is raising speculation that this could be the IONIQ 4.
Like most global OEMs, Hyundai is fighting to compete in an intense Chinese EV market, which is dominated by domestic automakers like BYD.
Hyundai opened its first overseas R&D center last year in China to spearhead its comeback. It will work with local suppliers and tech companies to develop EVs designed for Chinese buyers. The new electric SUV is expected to launch in China later this year, followed by three new energy vehicles, including EVs and EREVs.
Beijing Hyundai will release more information on April 16, with the electric SUV set to “challenge the limit of driving performance.”
What do you think of Hyundai’s new electric SUV? Is this the IONIQ 4? Let us know your thoughts in the comments.
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Charge point provider char.gy has secured a £130 million contract to install 6,000 curbside EV chargers for Brighton and Hove City Council (BHCC) – the UK’s largest installation of its kind.
London-based char.gy has also been awarded a 15-year contract to operate and maintain the charging network.
Installing Level 2 chargers curbside, where most drivers in the UK park, will enable more people to take advantage of cheaper charging rates while juicing up their EVs overnight. (charg.gy’s pay as you go night tariff, between midnight and 7 am, is £0.39/kWh, compared to its £0.59/kWh day tariff.)
John Lewis, chief executive of char.gy, said the project is “a huge moment for the UK and its EV ambitions. This partnership alone will empower thousands of residents to confidently make the switch to electric vehicles, knowing they have easy access to chargers.”
Brighton and Hove City Council is among the first to tap into the government’s Local EV Infrastructure (LEVI) Fund, designed to help English local authorities roll out charging solutions for residents without off-street parking. Future of Roads Minister Lilian Greenwood said making EV charging as accessible as possible is “crucial to making the switch to electric a success.”
The UK now has over 75,000 public EV chargers, according to the Department for Transport—and it looks like the country’s on pace to hit its 2030 target. Back in December, the National Audit Office said the rollout is “on track” to meet the DfT’s estimate that at least 300,000 chargers will be needed by the end of the decade.
Read more: Meet the UK’s largest solar + storage EV charging ‘Superhub’
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