French Battery Startup Verkor Received an Investment of 2 Billion Euros

Start-up company Verkor has raised 650 million Euros in government subsidies as well as high investment from various private companies.

Sadrettin Akpınar

September 23, 2023 7:03 PM
Last Update: September 23, 2023 7:03 PM

Verkor will increase its activities with a huge investment of 2 billion euros.

French battery startup Verkor has managed to raise a significant investment of 2 billion euros for its first facility. The investment amount in question includes the state contribution of 650 million euros, as well as the contributions of private companies such as Macquarie Asset Management. This amount collected will be used mainly to build a factory in France’s northern port city of Dunkirk.

Company officials state that the presence of government support in the investment share helps attract investors from private companies. In addition to Macquarie Asset Management, the company’s investors include the famous car manufacturer Renault, with whom it has signed a supply agreement, platinum producer Sibanye-Stillwater, and infrastructure specialist Meridiam companies. In addition to these investors, the 600 million euro loan received from the European Investment Bank within the financing also draws attention.

It was stated that before choosing the location in Dunkirk, Verkor decision-makers examined 40 different locations in the Western European region. However, the reasons for choosing the region included the availability of local resources such as low-carbon nuclear energy.

It is also among the information conveyed that Verkor aims to reuse the “heat waste” generated during the production process. It seems likely that the heat re-introduced into the process can be used in the production of lithium-ion batteries.

The company is expected to have an annual production capacity of 16 Gigawatt hours at its Dunkirk factory, or the capacity to equip 200-300 thousand electric vehicles per year. The first deliveries are expected to be made in the second half of 2025.


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