Verkor, a French start-up backed by Renault, has successfully secured more than €2 billion in financing for its groundbreaking gigafactory project in Dunkirk, France. This remarkable achievement comes after the recent signing of a minimum €850 million Series C funding round, the approval of European Investment Bank debt support, and substantial subsidies from the French government.
Verkor's ambitious endeavor aims to accelerate the manufacturing of high-performance, low-carbon battery cells and construct its first gigafactory in the Port of Dunkirk. With an initial production capacity of 16 GWh/year, the gigafactory is anticipated to become operational by 2025, generating approximately 1,200 direct jobs and an additional 3,000 indirect positions.
In addition to supporting the gigafactory, the funding will bolster ongoing technological advancements at the Verkor Innovation Centre (VIC) in the Grenoble region. The VIC serves as a multifaceted hub encompassing the company's headquarters, research and development center, pilot line, and training facility, employing over 340 individuals from diverse backgrounds.
This impressive financing milestone marks the largest equity raise for a French start-up to date, highlighting the growing importance of battery manufacturing in the rapidly evolving electric vehicle (EV) industry.
Benoit Lemaignan, CEO of Verkor, expressed his pride in securing over €2 billion in funding, emphasizing the company's commitment to advancing a sustainable energy transition and decarbonizing transportation. He stated, “This global financing solidifies our long-term perspectives, and with the renewed commitment of our existing partners, we are now on track to becoming one of the leading European battery manufacturers.”
Luca de Meo, CEO of Renault Group, emphasized the significance of their partnership with Verkor and the positive impact it will have on the electric ecosystem in France. De Meo remarked, “It will very soon enable the construction of the Verkor gigafactory in Dunkirk, whose batteries will equip the future Alpine Crossover GT from 2025, as well as vehicles in the upper segments of the Renault range.”
This latest development builds upon the long-term partnership between Renault Group and Verkor, initiated in April 2023, which aims to supply 12 GWh per year of batteries for electric vehicles (EVs), further solidifying their commitment to advancing sustainable transportation solutions.