Verkor is building a Gigafactory in the Dunkirk area to produce low-carbon battery cells with an initial capacity of 16 GWh/year. The Dunkirk facility is slated to be operational in 2025 and is expected to create about 1,200 direct jobs and 3,000 indirect jobs over the next two years. Verkor positions its product as having one of the smallest environmental footprints in the world and has received a “Dark Green” rating from Standard & Poor’s for the project financed by the green loan. The company aims to supply the European automotive industry and contribute to Europe’s industrial sovereignty in electric mobility and energy storage. Verkor has secured substantial project financing—bringing total financing for the first Gigafactory and the Verkor Innovation Centre to more than €3 billion—supporting construction, ramp-up and growth. Verkor is a French, Renault-backed battery manufacturer producing pouch and cylindrical battery modules for electric vehicles and energy-storage applications. The company is accelerating construction of a gigafactory in Dunkirk. To fund that expansion it secured more than €2 billion (roughly $2.1 billion). The financing package is intended to speed up the Dunkirk project and support Verkor’s industrialisation plans. Verkor framed the raise as a landmark equity event for a French startup. The company cited public support, including pending French subsidies, as part of the package. French President Emmanuel Macron was quoted by the company praising the deal as a sign of reindustrialisation ambition. Verkor develops battery cells and related technology, operating a technology and innovation centre (Verkor Innovation Center, VIC) in Grenoble. The VIC will host development work and pilot production with a reported pilot capacity of 150 MWh. Verkor plans series production of those cells at a cell factory in Dunkerque beginning in 2025. The company has secured more than €250 million in financing that will flow into the VIC and technology development. Financing sources include industrial partners in the battery sector, commercial banks, investment funds and public banks, with specific participation from the European Investment Bank and support from Bpifrance Assurance Export. Verkor is also issuing a convertible bond to be subscribed by financial partners and industrial partners, and employees will be able to participate. The company says its financing needs are not yet fully covered as it pursues funding for a planned 16 GWh/year gigafactory in the Port of Dunkirk. Verkor is a French start-up specialized in the development and production of high-performance batteries, particularly for electric vehicles. The company is building a Verkor Innovation Center near Grenoble, planned to be operational in 2022, to optimize industrial processes and develop next-generation batteries. Verkor plans to launch its first Gigafactory for battery production, with construction expected to start in 2023. The company recently completed a €100 million fundraising round, to which Arkema contributed several million euros. Verkor is working in close technological collaboration with partners including Renault Group, EQT Ventures, EIT InnoEnergy, Groupe IDEC, Schneider Electric, Capgemini, Tokai Cobex, and Demeter to establish an integrated industrial battery production chain in Europe.

Total raised

$4.0B

Funding rounds

7

Latest round

Debt Financing

Latest activity

May 2024