The battery company Varta receives public funding totaling 300 million euros for projects related to battery cells. The Ministry of Economy approved two subsidies, the company said. Both revolve around lithium-ion cells. The sum, which is partly co-financed by the federal states, is to flow into the research and development and “first industrial application” areas at the Varta locations in Ellwangen and Nördlingen.
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Varta wants to use it to research “the next generation” of lithium-ion cells and to establish mass production. The challenge here is that the production technology must take place parallel to the product development. The stock jumped after the day after an already strong day.
Hope for German e-car batteries
When it comes to small batteries for hearing aids or wireless headphones, Varta is already the world market leader. The company also took over the Varta household battery business from competitor Energizer a year ago. The federal and state governments are now hoping that the manufacturer can also play a greater role in battery cells for electromobility. So far, the high-performance batteries have been manufactured almost exclusively in Asia.
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The rapid growth gives politicians hope: Varta hired around 500 additional employees in the region last year; another 1,000 employees are expected to be added in the next twelve months. The company currently has around 4,000 employees.
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