Germany's Varta applies for battery cell production subsidies

BERLIN (Reuters) - German battery maker Varta on Friday said it had applied for government subsidies to mass-produce lithium-ion battery cells, as the Economy Ministry’s deadline for companies to send in their applications to receive state subsidies ends.

Varta said it was planning to hike production of battery cells to over 60 million cells per year, adding that it was cooperating with European partners to advance European battery cell production.

Germany has earmarked 1 billion euros ($1.13 billion) to support a consortium looking to produce electric car battery cells and plans to fund a research facility to develop next-generation solid-state batteries.

Reporting by Riham Alkousaa; Editing by Michelle Martin