Grenoble, 14 September 2023
Macquarie Asset Management, on behalf of its Energy Transitions Solutions fund, has today announced it will be the lead investor in Verkor’s Series C fundraise.
The French battery manufacturer has secured more than €2 billion of financing following the signing of a minimum of €850 million Series C funding round, approval of the European Investment Bank for €600 million of debt support and French subsidies of approximately €650 million, subject to final approval by the European Commission.
The financing will accelerate the construction of Verkor’s first gigafactory in Dunkirk and the manufacture of high performance low-carbon battery cells. It will also support ongoing technological developments at the Verkor Innovation Centre for new manufacturing technologies alongside strategic investments across the battery value chain.
The funding round represents the largest ever equity raise for a French start-up. Macquarie Asset Management’s lead investment – structured by its specialist Green Investments team – is secured in partnership with Crédit Agricole Assurances, alongside other financial and industrial partners. The round size, which is subject to customary regulatory approvals, is a minimum of €850 million and could increase in the following weeks.
Emmanuel Macron, President of the French Republic, commented: “Since 2017 we have been leading a proactive policy to launch an industrial reconquest everywhere in our territories. The results of this policy are conclusive: we have created new jobs and enhanced the attractiveness of our country. 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!”
Chris Archer, Co-Head of EMEA for MAM Green Investments said: “Achieving the electrification of Europe’s car industry by 2035 will require significant investment in battery manufacturing supply chains. Macquarie Asset Management is well placed to play a leading role in mobilising the significant volumes of private capital required to enable this huge industrial transition. Verkor has assembled one of the leading teams, developed a robust technical solution and won the backing of state and leading industrial partners. The long-term commercial agreement with Renault Group secures the investment case for the first gigafactory and together with this fundraising signals Verkor's transformation from a startup to a leading player in the European battery space."
Verkor’s gigafactory will have an initial production capacity of 16 GWh/year. Situated in the Port of Dunkirk, the gigafactory is expected to be operational by 2025.
Read the full announcement here.
Macquarie Asset Management (London)
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