According to Bloomberg, the French battery startup Verkor has secured over €1.3 billion (approximately $1.4 billion) in green loans to complete the construction of its factory in northern France. Reportedly, 16 commercial banks including Banco Santander from Spain, Natixis from France, ING Bank from the Netherlands, La Banque Postale, and Societe Generale from France, as well as three public banks, participated in the latest round of financing.
On May 24th, Verkor CEO Benoit Lemaignan stated in an interview that the €1.5 billion new factory, located in Dunkirk port, aims to expand the growing electric vehicle ecosystem in northern France.
Lemaignan mentioned, "Initially, everyone expected electrification to happen very quickly. What we are experiencing now is a small pause before the next acceleration, and the next acceleration is coming quickly, thanks to the launch of many electric cars like the Renault R5 and Scenic."
Verkor's French factory is scheduled to start operating next year, producing nickel-manganese-cobalt batteries with an initial annual capacity to supply batteries for 200,000 electric vehicles. However, companies like Renault are currently seeking cheaper and lower-powered lithium iron phosphate batteries to reduce the cost of electric vehicles. Lemaignan revealed that Verkor also plans to explore lower-priced battery solutions, including sodium-ion and lithium iron phosphate batteries.
Founded in 2020, Verkor is headquartered in Grenoble, France, and has raised over €3 billion for constructing its first electric vehicle battery factory and a research center. Renault Group owns 10% of Verkor and holds a seat on its board.
The Dunkirk region has attracted other investments, such as from battery manufacturer ProLogium Technology, due to its proximity to electric vehicle factories in France and neighboring countries, as well as its deep-water port and convenient railway connections.
