The organizer of the Gigafactory reiterates that Extremadura will be the center of its business in Europe

The organizer of the Gigafactory reiterates that Extremadura will be the center of its business in Europe

Envision, a supporter of the gigafactory of batteries for electric cars projected in Navalmoral de la Mata (Cáceres), has been officially excluded from public aid from PERTE, as reported by the Ministry of Industry, Trade and Tourism on Tuesday. However, in its statement, the company insisted on its “decision” to “decentralize” the factory in Extremadura, the green hydrogen production plant and electrolysers in Castilla-La Mancha, and a wind turbine assembly plant in Castilla y León. activities in Europe”.

The Navalmoral gigafactory, which envisages an investment of around 1,000 million euros and will mean the creation of 3,000 new jobs, has been excluded from PERTE, but the company has started negotiations with the Ministry and Junta de Extremadura “to explore other cooperation mechanisms. Aiming to finance the Gigafactory, added the same resources.

Two of these mechanisms are the Regional Incentives and the Support Fund for Productive Industrial Investment (FAIIP), although lines of funding have also been considered for the Recovery Plan. In fact, the company has announced that it will request a Regional Incentive to the Junta de Extremadura at the end of September.

In that sense, Guillermo Fernández Vara, president of Extremadura, stated this Tuesday, hours before the Government’s decision became known, that this battery factory “will be successful” outside of PERTE, adding that “business is being done like all this turmoil”. It didn’t exist because it was irrelevant to us”. As he explains, work has been done to use “the many other ways of funding available.” In fact, he pointed to financing through regional incentives as Extremadura is a convergence target for Europe and reminded that European funds to reach the region for the next operational program will be €592m higher than before. . He also referred to the Productive Industrial Investment Support Fund (Faiip), where the Trujillo synthetic diamond factory and “another project” would “probably” be financed as well.

What are Regional Incentives?

They are gratuitous subsidies given by the state to encourage commercial activities and direct their positions to predetermined areas in order to reduce the differences in economic situation in the national territory, to distribute economic activities more evenly and to strengthen internal resources. development potential of the regions.

Supportable projects are those that involve the creation of new establishments, their expansion and, where appropriate, modernization, provided they have an approved investment equal to or greater than 900,000 Euros.

Regional incentives to be granted in Extremadura may not exceed 25%, which is the maximum percentage of the investment approved for large companies, but if the investment exceeds EUR 50 million – as in this case – the maximum percentage will be determined according to the established principles. Guidelines on regional state aid for 2014-2020.

These projects must be technically, economically and financially viable and have a self-financing level equal to 25%. It should also have a minimum level of equity to be determined in the individual decision.

Industrial Investment Support Fund

It was established to provide refundable financial support to encourage industrial investments that contribute to supporting industrial development, strengthening industrial competitiveness and preserving the industrial capacities of the region.

Its purpose is to finance companies, in particular commercial companies and cooperative companies, whose registered offices and organizations are established in Spain, not part of the public sector, that develop or will develop a productive industrial activity and industrial services. body.

For new projects that have not started yet, implementation should be anticipated within a maximum period of 12 months and financing can be between 200,000 and 60 million euros, with a grace period of up to 3 years and a total duration. up to 10 years.

Receiving financial support from FAIIP is compatible with all other sources of funding, public or private.

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