Verkor: seven insurers invest in electric battery gigafactory

The French tech company Verkor has just completed a historic fundraising. The negotiations concern a capital amount of 850 million EUR (905.2 million USD). These funds are added to a 600 million EUR (639 million USD) loan from the European Investment Bank (EIB) and the 650 million EUR (692.2 million USD) secured within the framework of the Important Projects of Common European Interest (PIIEC) mechanism to be approved by the European Commission.

With 2.1 billion EUR (2.2 billion USD) raised, Verkor has extensive resources at its disposal to build its gigafactory at Dunkirk in northern France. The plant is expected to be operational starting mid-2025. It is expected to generate 1 200 direct jobs and 3 000 indirect jobs. Specifically dedicated to the production of electric batteries, it will start operations with an initial production capacity of 16 GWh per year, including 12 GWh for Renault.

Following the capital increase, Macquarie (Australia) and Meridiam (France), two funds specialized in infrastructure, will be Verkor's two main shareholders. The financing round also includes the Fonds Stratégique de Participations (FSP), managed by the ISALT portfolio management company. ISALT comprises seven insurers: BNP Paribas Cardif, CNP Assurances, Crédit Agricole Assurances, Groupama, BPCE Assurances, Société Générale Assurances and Suravenir.

The list of shareholders also features CMA CGM (3rd largest container shipping company in the world), Renault and Bpifrance.