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The Federal Minister for Economic Affairs and Energy that it would provide BMW AG with 68 million euros in funding for the Bavarian automaker鈥檚 planned battery projects, which have been designated an Important Project of Common European Intertest (IPCEI) at the EU level. Energy and economic affairs minister Peter Altmaier聽 said during a virtual meeting with BMW CEO Oliver Zipse: 鈥淲ith the joint European projects, it has been possible to successfully build up the battery value chain in Germany and Europe and to secure sustainable jobs." The federal government is supporting BMW in two specific projects in the field of battery storage 鈥� both 鈥渃entral to the further expansion of electromobility in Germany鈥�, Altmaier added, noting that the current BMW project 鈥渟erves the important development of the next generation of lithium-ion cells for e-cars鈥�.

it was 鈥渟upporting the ramp-up of a European cell and battery value chain鈥� with the development of 鈥渉ighly innovative and sustainable battery cells鈥� for its forthcoming "Neue Klasse" of e-vehicles, which will be launched by the middle of the decade. "With the Neue Klasse, we will make a big leap in technology in electric drives," said Zipse. "We want to significantly increase the energy density of the cells and reduce the costs of material use and production at the same time. We will also significantly reduce the use of primary material to ensure a truly 'green' battery."

The Bavarian state government is also supporting the project as part of the IPCEI funding process. Altmaier recently assured BMW rival Tesla that it would also make financial support available for battery production at the U.S. company鈥檚 new factory near Berlin, which has likewise secured IPCEI funding.