French electric vehicle battery manufacturer Verkor has secured more than two billion euros to build its giant battery plant in Dunkirk, northern France.
Raising the highest funding
Verkor has raised €850 million through a capital increase, the highest ever fundraising from investors for a French technology start-up, according to a French government source. The company has secured a €600 million loan from the European Investment Bank and will receive a further €650 million in state funding, pending approval from the European Commission.
The battery plant, known as the gigafactory, is expected to start production in mid-2025. The plant will employ 1,200 people. Initial production capacity will be 16 gigawatt hours (GWh) a year, enough batteries for more than 220,000 cars, of which 12 GWh will be for the Renault carmaker.
Macquarie and Meridiam as the two main shareholders
Following the capital increase, Australian fund Macquarie and France’s Meridiam will become the two main shareholders of Verkor. The firm has now received investments from Fonds Stratégique de Participations (FSP), an alliance of seven French insurance companies, and the transport and logistics group CMA CGM.
Renault is also a shareholder in Verkor. Citing a source, Reuters reported that Renault’s stake would be reduced to 10 percent from the previous 24 percent after the new capital increase.
Source Czech Press Office
