The European Commission has launched a new online platform designed to help EU companies buy critical raw materials by pooling demand and linking up with suppliers and other service providers.
Buyers will be able to aggregate demand and connect with suppliers, financial institutions and storage providers through the tool, the Commission revealed on Monday.
The EU executive described it as a “Raw Materials Mechanism”, and said it is part of wider efforts to diversify supplies of critical raw materials — materials seen as essential for industry and at risk of supply disruption — building on the existing EU Energy Platform.
EU industry remains heavily dependent on a limited number of suppliers outside the bloc.
Companies taking part will be able to build partnerships beyond their existing networks, with particular reference to smaller firms.
How firms can take part
The mechanism is voluntary and market-based, and is intended to complement existing commercial relationships without intervening in negotiations, the Commission said.
It informed that the first round will focus on strategic sectors including rare earths, defence and battery materials, and companies can register by the end of April.
