Verkor Receives Financing for Battery Factory in France

French battery manufacturer Verkor has secured 1.3 billion euros in financing for its new battery cell factory in northern France. The plant, which has been under construction since the fall of 2023, is scheduled to go into operation in 2025.

Annual capacity of 16 gigawatt-hours

According to an official press release, Verkor has received funding from 16 commercial and three public banks. The new factory in Dunkirk is expected to produce with an annual capacity of 16 gigawatt-hours. In total, Verkor has already raised more than three billion euros in capital for the factory and its research center.

400 million euros from European Investment Bank

The European Investment Bank provides 400 million euros of which 270 million euros are direct loans under the European Commissionʼs InvestEU mandate, and 130 million euros are intermediated loans to participating commercial banks. These banks are contributing an additional 961 million euros of which 353 million euros are guaranteed by the French government. In addition, the Banque des Territoires Verkor provides a bridging loan of 130 million euros and a subordinated loan of 150 million euros.

Source:
https://verkor.com/en/verkor-secures-over-1-3-billion-euros-through-a-green-loan-from-19-banking-entities/

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