April 24 (SeeNews) - Bulgaria joined the European Battery Alliance, opening up access for Bulgarian companies and scientific institutions to apply for an EU funding pool totalling 3.2 billion euro ($3.5 billion), the innovation and growth ministry said on Monday.
The alliance is designed to foster decarbonisation technologies, in particular in the field of battery, including for electric vehicles, and storage, and is looking to tap into a market that is estimated to be generate some 250 billion euro per year from 2025, the ministry said in a press release.
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The network brings together more than 800 industrial partners, technology companies, academia and financial stakeholders promoting the development of a European battery value chain, from raw materials through cell and battery manufacturing, integration and recycling.
Bulgaria's membership will help attract more foreign direct investment by industry manufacturers, the ministry said adding that the automotive sector is the fastest growing industry in Bulgaria contributing 11% of the gross domestic product (GDP).
Earlier this month, the ministry unveiled advanced talks with three priority international investors from the automotive sector, which Bulgaria is seeking to attract to planned Dobroslavtsi industrial zone on the outskirts of Sofia.
($ = 0.9078 euro)