DGAP-Ad-hoc: VARTA AG / Key word(s): Miscellaneous
VARTA AG, Ellwangen, ISIN: DE000A0TGJ55
Ellwangen, 31.3.2020. The State Parliament of Baden-Württemberg has today resolved to support companies in the European initiative to establish a battery cell production facility as an Important Project of Common European Interest (IPCEI). VARTA AG, based in Ellwangen, is the first participant in the funding initiative from Baden-Württemberg. VARTA received the news this afternoon. The grant relates to battery research and development in addition to initial industrial applications. It is set to run over several years and consists of two sub-projects. VARTA AG will be making initial investments in the context of the IPCEI and will be reimbursed for part of the expenditure over the funding period.
The IPCEI is funded by the State of Baden-Württemberg and the Federal Ministry of Economic Affairs and Energy. The actual funding volume that VARTA AG will receive has not yet been determined, although VARTA is currently anticipating that it will receive a total contribution of up to € 198m across the entire duration of a subproject. Of this figure, the Federal State of Baden-Württemberg will provide financial support to the tune of € 59m for the project within the framework of the "European Battery Alliance".
No decision has yet been made on a further funding application by VARTA AG within the framework of the second sub-project involving the Bavarian state government. The amount of such funding has not yet been determined.
About VARTA AG
31-March-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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1012255 31-March-2020 CET/CEST