EU okays billions in state aid to develop electric battery champion

The EU's powerful anti-trust authority on Monday approved billions of euros in subsidies from seven member states as Europe seeks to make up lost ground in the highly strategic sector of electric batteries.

The mega subsidy of 3.2 billion euros (USD 3.5 billion) from Germany, France, Italy, Italy, Poland, Belgium, Sweden and Finland will go to 17 companies and will help generate an extra 5 billion euros in private investment, a statement said.