French low-carbon battery producer Verkor secured more than €2 billion in financing to launch its high-performance battery gigafactory in France, the company announced on Thursday.
Verkor will use the funds to build its first gigafactory, which will produce high-performance, low-carbon battery cells.
The gigafactory, expected to be operational by 2025, will have an initial production capacity of 16 gigawatt-hours a year.
The financing will accelerate ongoing technological developments at the Verkor Innovation Center for new manufacturing technologies, new state-of-the-art products and strategic investments across the battery value chain.
'It will not only provide the European automotive industry with low-carbon batteries but will also play a key role in supporting European sovereignty in sustainable electric mobility and energy storage,' the company said.
Macquarie Asset Management, via its Energy Transition Solutions Fund, is the lead investor in the project, along with other funding partners, including Renault Group, EQT Ventures, EIT InnoEnergy, Sibanye-Stillwater and the SPI investment fund.
By Zeynep Beyza Kilic