Budapest gets green light from the EU on battery investment fund
The European Commission on Tuesday said it cleared EUR 89.6 million in state support for a EUR 1.2 billion expansion of Samsung SDI’s electric vehicle battery plant on the outskirts of Budapest.
In its justification, the EC said it had found the support for the project to be in line with European Union state aid rules. It said the project’s positive effects on regional development “clearly outweigh any distortion of competition” brought about by the state aid. The state support will contribute to regional development and job creation while preserving competition, the EC said.
- Read also: Natural gas found in Eastern Hungary!
Hungary notified the EC of its intention to provide EUR 108 million in state support to the project in 2018, the body noted. The EC said its assessment had concluded that without the public funding the project would not have been carried out in Hungary or another EU member state, but in a third country.
Read alsoHungary forms nuclear alliance with ten European countries
Source: MTI
please make a donation here
Hot news
Chinese investments worth EUR 15 billion underway in Hungary
PHOTOS, VIDEO: World’s largest plane lands in Hungary twice: what did it bring?
Hungarian opposition: We know how to replace Orbán’s regime
Have the wages of manual workers skyrocketed in Hungary?
Orbán cabinet: ‘Witch hunt’ against Hungarian companies ongoing in Ukraine
What happened today in Hungary? – 22 April, 2024