FRANKFURT (Reuters) - Volkswagen (DE:VOWG_p) and Swedish battery maker Northvolt and other companies as well as science labs are joining forces in battery cell research, the German carmaker said in a statement on Thursday.
Starting in early 2020, the so-called European Battery Union (EBU) aims to accumulate know-how on battery cell production, including research on raw materials, cell technology but also the recycling of used batteries.
"All the partners will step up their investments as a result of the planned additional research activities," Volkswagen said, adding that they could seek funds from the German economy ministry.
Germany has earmarked 1 billion euros ($1.14 billion) to support a consortium looking to produce electric car cells and plans to fund a research facility to develop next-generation solid-state batteries.
More than 30 companies have applied for the program to support the production of battery cells, the Economy Ministry said earlier this month.
