Another day, another monster collection for an electric vehicle battery company.
this time Vercor, the Renault-backed French battery builder, said on Thursday that it had secured “more than 2 billion euros” — roughly $2.1 billion U.S. dollars — to accelerate construction of its massive factory in Dunkirk. Verkor produces cylindrical battery modules and bags for electric vehicles and energy storage sites.
Vercor explained in a report that the huge amount includes a Series C financing round worth 850 million euros, in addition to 600 million euros in loans from the European Investment Bank of the European Union. statement. The $2.15 billion figure also includes 650 million euros in French subsidies that have not yet been approved, awaiting final approval from the European Commission.
Australian asset manager Macquarie, French infrastructure investor Meridiam and Renault participated in the Series C, among other investors. Verkor claimed it was the “largest capital raise” to date for a French startup, although a company of this size clearly takes some liberties in its use of the term “startup.”
In the same statement, the company quoted President Emmanuel Macron, who described the deal as “a bold sign of our ambition to remanufacture.”
Other noteworthy deals for battery companies include a $542 million raise from Ascend Elements and Lyten’s $200 million round.