Polish Battery Production Granted a €480m Electric Boost from EU Bank

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The European Investment Bank (EIB) has signed a €480 million (£428m) loan agreement with the LG Chem Wroclaw Energy to boost electric vehicle (EV) battery production.

The funds will support the construction of facilities for advanced lithium-ion (li-ion) cells and batteries for battery-powered electric vehicles (BEVs).

It says the EIB-backed project will have an annual production capacity of around 35GWh, which is expected to power more than 500,000 zero emission EVs per year and therefore contribute to the transition from fossil fuel-powered internal combustion engine-based vehicles, toward electromobility and sustainable transport.

Teresa Czerwinska, Vice-President of the European Investment Bank, said: This first EIB operation helps Europe to build a critical mass in EV battery production at a pivotal time of EV commercialisation in Europe; it promotes a shift to electromobility and to a greener automotive industry; and it helps create new qualified jobs in an industrial region in transition to a new economic model.