EU jump-starts battery development projects with more subsidies The subsidies worth billions for 42 firms in 12 EU countries are aimed at helping Europe catch up with Chinese, Korean and Japanese electric-car trendsetters. The aim by 2025 was an EU battery industry capable of powering at least six million electric cars, EU commission vice-president Maros Sefcovic, responsible for the bloc's strategic futures planning, said on Tuesday. The European Commission's approval of €2.9 billion ($3.5 billion) in subsidies is the second such pan-European scheme, following €3.2 billion approved in 2019 across seven countries. The latest "European Battery Innovation" scheme, set to run through 2028, goes to 42 companies in 12 EU member states, spanning raw materials to recycling, start-ups, universities and other research bodies.