Investors seeking exponential growth may want to take a look at batteries, according to the European Union’s top energy official.

The European Commission expects demand for batteries in Europe “to look like a hockey stick as of 2020 to 2030 and beyond,” EU energy union chief Maros Sefcovic said Monday at an e-mobility conference in Stuttgart, Germany. “Time has come for a step change in this field.”

Battery technology is the key for the next generation of electric vehicles and renewable energy. Last week the EU pledged to help its industry plug manufacturing gaps in energy storage, where companies like Tesla Inc. and Panasonic Corp. currently hold technological leads. Sefovic has pledged as much as 2.2 billion euros ($2.6 billion) of EU support to ensure

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