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25/06/2024
Mining News

Verkor secures €1.3 Billion for new battery cell factory in Northern France

French battery manufacturer Verkor has secured €1.3 billion in financing for its new battery cell factory located in Dunkirk, northern France. Construction of the plant began in the fall of 2023, with operations slated to commence in 2025.

Key details of the project

  • Annual capacity: The factory is designed to have an annual production capacity of 16 gigawatt-hours (GWh).
  • Total capital raised: Including the latest financing, Verkor has raised over €3 billion for the factory and its associated research center.

Breakdown of financing

  • European Investment Bank (EIB):
    • The EIB has committed €400 million, with €270 million in direct loans under the European Commission’s InvestEU mandate.
    • An additional €130 million in intermediated loans is provided to participating commercial banks.
  • Commercial banks:
    • Commercial banks are contributing €961 million, with €353 million of this amount guaranteed by the French government.
  • Banque des Territoires:
    • The Banque des Territoires is providing a bridging loan of €130 million and a subordinated loan of €150 million.

This substantial financial backing from both public and private sectors underscores the importance of the Verkor project in advancing battery manufacturing capabilities in Europe and supporting the region’s transition to renewable energy technologies.

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