EU, India join hands to nurture startups in EV battery recycling field

New Delhi: In a fillip to the country’s electric vehicle (EV) goals, the European Union (EU) and India on Tuesday joined hands to promote startups working in the area of battery recycling technologies for EVs.

The collaboration aims to boost the cooperation between European and Indian Small and Medium-sized Enterprises (SMEs) and startups in the clean and green technologies sector.

The latest initiative took place under the India-EU Trade and Technology Council (TTC) announced by Prime Minister Narendra Modi and Ursula von der Leyen, President of the European Commission, at their meeting in New Delhi in April 2022.

“The match-making event is a step ahead to unlock innovative possibilities leading to a green and circular economy. We encourage innovators from the EU to seize this opportunity and explore potential collaborations with their Indian counterparts,” said Marc Lemaitre, Director-General for Research and Innovation at the European Commission.

As part of the initiative, 12 startups -- six each from India and the EU -- will be selected and get a pitching opportunity during the ‘Matchmaking Event’, scheduled in June.

Six finalists (three from the EU and three from India) will be selected following their presentations and awarded the possibility to visit India and the EU, respectively.

“We are dedicated to fostering a collaborative environment where sustainability and innovation form the cornerstone of a flourishing circular economy,” said Professor Ajay Kumar Sood, Principal Scientific Adviser to the government.

The deadline for submitting Expressions of Interest (EoI) for the startups is April 30.

The TTC will help boost EU-India bilateral trade, which is at historical highs, with 120 billion euros worth of goods traded in 2022.

In 2022, 17 billion euros worth of digital products and services were traded.