France and Germany are pooling efforts to kick-start battery cell production in Europe aiming to take on rivals from Asia which dominate the global market, top officials from both nations said.

Germany will put up 1 billion euros ($1.13 billion) and France 750 million euros in subsidies to co-finance building factories in their respective countries, said Economy and Energy Minister Peter Altmaier and Bruno Le Maire, who is France’s economy and finance minister.

The joint initiative brings Europe a step closer in creating a new industry from scratch, Le Maire told reporters in Berlin after a meeting on Tuesday.

Germany and France Launch $2 Billion Kick-Start for Battery Cells | Devamı>>>