The European Commission has received 161 applications for “strategic project” status under the EU’s Critical Raw Materials Act, indicating strong interest in strengthening Europe’s raw materials supply chains.
The applications cover most materials listed as strategic under the Act, including 75 projects related to the battery value chain and 21 focused on rare earth elements used in permanent magnets for technologies such as wind turbines. Projects awarded strategic status may benefit from faster permitting procedures and improved access to public and private financing.
According to the Commission, projects granted the designation can receive guidance on funding opportunities and attract attention from a dedicated financing hub established under the RESource Action Plan, which draws on EU funds and the European Investment Bank. The status is also expected to provide greater certainty for potential customers committing to purchase future production.
Of the total applications, 95 were submitted by projects located within the EU and 66 from outside the bloc, including 40 from countries with which the EU has strategic raw materials partnerships.
All applications will undergo an in-depth assessment with the support of independent experts, after which the European Commission will discuss the results with EU Member States and finalise the selection.
The Critical Raw Materials Act entered into force on 23 May 2024 and aims to secure the supply of materials essential for European industry.