French gigafactory secures major financial backing

Credit: Meridiam

French startup Verkor has secured over €2bn in financing for its debut battery plant, from a range of heavyweight public and private investors.

The financing will support the construction of its Dunkirk gigafactory, which will provide high-performance, low-carbon battery cells.

Macquarie emerged as the lead investor in the project following the fundraise, with Meridiam joining as a cornerstone investor. Also joining the fundraise are Renault Group, EQT Ventures, EIT InnoEnergy, Sibanye-Stillwater and Société de projets industriels.

The European Investment Bank and the French government are supporting the project with €600m and €650m packages respectively. The Series C funding raised over €850m.

French President Emmanuel Macron said: “This new, historic fundraising for French Tech, with the support of France 2030 resources, is a bold sign of our ambition for reindustrialisation. It also demonstrates the full coherence of our innovation policy at national and European level, with the support of everyone, investors, large companies and local territories. You are exemplary, and I congratulate you!”