December 5, 2022
The European Investment Bank (EIB), backed by the InvestEU programme, is granting a EUR 36.7 million loan to Königswarter & Ebell, a fully-owned German subsidiary of Australia’s Pure Battery Technologies (PBT). The project concerns an innovative commercial demonstration plant for the manufacturing of precursor cathode active material (pCAM). pCAM is used in the production of advanced lithium-ion cells with nickel, manganese and cobalt chemistry. The commercialisation of PBT’s technology will strengthen the EU’s battery production capacitieas, which are also important for the transition to a low-carbon economy. The PBT process can use recycled battery material known as ‘black mass’ as feedstock, thus reducing the need for primary nickel, manganese and cobalt, in line with a circular economy approach.
Commissioner for Economy, Paolo Gentiloni, added: “By investing in an innovative, environmentally friendly and cost-effective technology, we can truly accelerate the mass production of electric vehicle car batteries. This project is an excellent example of how InvestEU can contribute to achieving our shared climate objectives.” An excellent example of how InvestEU can contribute to achieving our sharedAclimate objectives.”
The InvestEU programme provides the EU with long-term funding by leveraging private and public funds in support of EU policy priorities, such as the European Green Deal and the digital transition. The InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee and thus mobilising at least EUR 372 billion in additional investment.
A press release is available online.