New Grants Available for Projects under the PERTE VEC III in Electric and Connected Vehicles

The Ministry of Industry and Tourism has launched a call for grants to boost the value chain of the electric and connected vehicle under the PERTE VEC III, with the aim of promoting the electrification and modernization of the automotive sector. This initiative, endowed with 200 million euros, is part of Component 12 of the Recovery, Transformation and Resilience Plan, focused on Industrial Competitiveness and Sustainability.

The purpose of these grants is to incentivize the implementation of investment plans in the electric and connected vehicle value chain by 2024. The projects that will be financed will focus on the transformation of a strategic value chain, which will have a significant impact on the Spanish economy, especially in the automotive sector and its focus on the electric and connected vehicle. Transformation aligned with digitization and sustainability is a key aspect of this call.

Funding will be provided for investment plans that may consist of more than one project, and will fall within the following lines of action: research, development and innovation; innovation in sustainability and energy efficiency; regional aid for investment; and aid for investment in favor of SMEs.

The beneficiaries will be commercial entities with their own legal personality, including both large companies and SMEs, and collaboration between both will be promoted. The importance of SMEs presenting projects is emphasized, given their crucial role in innovation that can improve the sector’s competitiveness.

The allocation of 200 million euros will be distributed as 100 million in grants and 100 million in loans. Loans will be granted at an interest rate of 3.058% and with a total repayment period of 10 years, with a grace period of three years. Applications can be made in the form of a grant, a repayable loan, or a combination of both. The intensity of the grants will vary depending on the type of project and the applicant entity.

Applications can be submitted until October 4, 2024 through the electronic headquarters of the Ministry of Industry and Tourism. Detailed information on the call is available on the Ministry’s Aid Portal.

The objective of the PERTE VEC is to maintain Spain as a European leader in the production of electric vehicles, mobilizing an investment of 24 billion euros in the period 2021-2023. In addition, the second phase of the Recovery Plan will mobilize another 1.25 billion euros in public investment for the sector.

To date, in the first call of the PERTE VEC, 793 million euros were granted to emblematic projects such as the Volkswagen gigafactory in Sagunto. In the second call, 609 million euros were granted in the battery line and 420 million euros in the value chain line, with projects from companies such as Stellantis, Renault, Doga, and Wall Box Chargers.

Currently, the call for grants for electric vehicle battery production projects, with 300 million euros, and the call for the PERTE VEC III are underway. It is expected that a fourth call will be launched before the end of 2024 with another 1.25 billion euros.

The call for the PERTE VEC III represents a significant step in consolidating Spain as a leader in sustainable mobility.

Source: MiMub in Spanish

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