Germany ruling €20billion blackhole for german battery industry21 Nov 2023 09:45
German industrial projects in steel, chips, and batteries at risk from court ruling -source
REUTERS - Germany court Ruling
German industrial projects in jeopardy after a court ruling wiped 60 billion euros from the federal budget include chip factories, decarbonised steel production, and expanding the battery supply chain, two government sources said on Monday.
The ruling last week found the government's move to transfer unused pandemic funds toward climate initiatives and industry support in a so-called Climate and Transformation Fund (KTF) was illegal. That put numerous projects in key areas for Germany's industrial competitiveness at risk, the sources, who declined to be named, warned.
Among them were the ramp-up of the hydrogen industry, with around 45 businesses from 35 regions involved in projects that had hoped for support from the fund.
In the steel industry, businesses planned to invest 6 billion euros ($6.54 billion) in decarbonised steel production, directly and indirectly employing around 20,000 people. Investments in microelectronics were bundled into the KTF, totalling 31 projects relying on an estimated 4 billion euros in government funding. Fifteen of these had already received legally binding confirmations of the funds, the sources said.
Other chip projects that had been expecting state support include the planned TSMC [RIC:RIC:TGLL.UL] chip plant, an expansion of the Infineon (IFXGn.DE) plant in Dresden, and the Intel (INTC.O) plant planned for Magdeburg.
“Numerous projects along the battery supply chain were submitted as outlines for funding applications, the sources said, with an investment volume of around 20 billion euros”.
- 20billion Euros investment funding to the battery industry is now cut off...
That is huge, and should impact other car battery manufacturers in european EV battery markets favourably. A wake up call for the german EV market to else where in europe for batterties. The UK.
AMTE already have MOU’s with from COSWORTH, VIRITECH and MAHLE Powertrain, in addition to development agreements with SPRINT POWER, ELTRIUM, BMW and UK Govt, BIC, and faraday
BMW will be furious with german govt, just as well we have a MOU with BMW in place. 🚀🤞
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