France and Germany have presented information on a plan to construct a prominent electric battery industry in Europe, from the extraction of raw materials to recycling.
 
French Economy minister Bruno Le Maire said about 5 billion euros ($5.6 billion) are to be invested in the Franco-German project, including 1.2 billion euros of public subsidies.
 
A pilot plant will likely be based in France and two production plants, each of 1,500 employees, will be built in both countries.
 
Le Maire pointed out during a visit by his German counterpart Peter Altmaier to Paris: 'This is an example of what Europe can do when united.'
 
European Commission Vice President Maros Sefcovic made welcome the move as EU production represents only 3 percent of the world market and wants to be competitive with the U.S. and China.
 
This article is originally posted on TRONSERVE.COM