Spain: Future: Fast Forward Accepts PERTE Aid for Electrification of Sector and Battery Factory

Cuatrecasas advised Future: Fast Forward, a consortium of 62 companies led by Volkswagen Group, on negotiating the agreements to request and implement the European aid under the Strategic Project for the Recovery and Economic Transformation (PERTE) of the electric and connected vehicle (“VEC")—together known as PERTE VEC—and is currently advising it on the complex issues that have arisen during the concession and acceptance process with the consortium. The transaction, valued at €400 million, is aimed at creating the ecosystem required in the Spanish automotive sector to develop and manufacture electric and grid-connected vehicles.

Accepting this aid marks an important milestone for the complete electrification of Spain, and is the first and necessary step towards installing a battery plant in Sagunto (Valencia), which will involve an estimated investment of €10 billion. The objective of the project is to make Spain an electric vehicle hub in Europe.