AESC Gigafactory Receives European Funding

The European Investment Bank (EIB) has announced an investment in AESC’s upcoming gigafactory in France. It consists of 337.2 million euros in direct loans for the project and 112.8 million euros in indirect loans for participating commercial banks.

30 gigawatt-hours annually by 2030

In the first phase, the Douai plant is expected to annually produce nine gigawatt-hours of battery capacity. In the coming years, it is planned to gradually increase the capacity to reach up to 30 gigawatt-hours per year by 2030. These expansions are possible through the implementation of three planned phases.

Phase 1 needs 1.3 billion euros

The project requires a total investment of 1.3 billion euros in its first phase and is expected to create about 1,200 direct jobs over the next three years. By 2030, this number could increase to about 3,000. The batteries produced in Douai will mainly be used for future electric models by Renault. The other planned phases of the gigafactory then aim to supply batteries not only to Renault but also to other companies in the automotive and industrial sectors.

In line with European Green Deal

The construction of the French gigafactory is in line with the European Union’s goals in the field of eco-friendly mobility. Europe aims to achieve a carbon-neutral society by 2050 as part of the “European Green Deal” and, therefore, plans to expand battery production within the EU significantly. The EIB’s investment is said to be instrumental in supporting the transition to a low-carbon economy, strengthening industrial sovereignty, and driving fundamental change in the automotive sector.

Source:
https://ec.europa.eu/commission/presscorner/detail/en/ip_23_4946

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