The EU has announced an open competition to develop new battery technology, valued at 10 million euros. The batteries are to provide a 600 km range for EVs and be chargeable within 5 minutes. They should also be made with materials readily available within the EU.
While the listed requirements seem ambitious by current standards, the ongoing investment into research and development is very necessary. Without further innovation and production capabilities, the current explosive development of EVs will stall soon, as battery shortages have already been reported.
Carlos Moedas, EU Commissioner for Research, Science and Innovation, said “With this prize, let’s put our foot on the accelerator,’ before elaborating; “The concept is simple. We will award 10 million euros to those who can crack the challenge of developing a safe and sustainable battery for electric vehicles.”
The winning design will be expected to compete with conventional combustion vehicles, while also being constructed with environmentally friendly materials, as rare-earth metals or toxic substances are “discouraged”. The development is part of a plan to lower carbon emission levels to 20% below that of the 1990 level by 2020.
The move corresponds with another EU initiative to finance construction of several major battery production facilities, which has already begun with a 50 million investment for Northvolts new factory in Sweden.