BRUSSELS, Jan. 26 (Xinhua) -- The European Union (EU) on Tuesday approved 2.9 billion euros (3.5 billion U.S. dollars) in subsidies from 12 member states to develop the electric vehicle battery industry.
The project, called "European Battery Innovation," was jointly prepared by Austria, Belgium, Croatia, Finland, France, Germany, Greece, Italy, Poland, Slovakia, Spain and Sweden. The public funding is expected to unlock an additional 9 billion euros in private investments.
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