Venture Capital: France-Based Gigafactory Startup Verkor Is Preparing To Reveal A Fundraising Campaign Worth €2B (US$2.18B)

June 15, 2023 | News, Venture Capital

If it materializes, the Verkor fundraising would be one of the largest in Europe this year.

French gigafactory startup Verkor is on the verge of closing a significant fundraise, aiming for an €800 million Series C round of equity and over €1.2 billion in debt. The new funding would position Verkor as one of the best-capitalized gigafactory startups in Europe, second only to Swedish battery maker Northvolt.

Verkor, which is constructing a gigafactory in Dunkirk, emphasizes a strategy of incremental gains and avoiding disruption. The startup has received support from the French government, the EU, and car manufacturer Renault, which not only became an investor but also committed to purchasing 12 GWh of battery production annually from Verkor starting in 2025. (Sifted)

Verkor plans to produce 16 GWh of batteries each year when its operations commence in 2025. The startup is also focusing on securing its supply chain and is collaborating with Renault to obtain cobalt from Morocco.

While the US presents an interesting opportunity, Verkor is said to be currently concentrating on delivering in Europe before considering expansion.

However, on Wednesday, EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced that it has entered into a non-binding Memorandum of Understanding with Verkor SAS, a European leader in battery technology, to explore the development of a lithium battery gigafactory in the United States.

Related Story: Battery Active Materials Producer Group14 Raises $400M In Porsche-Led Round

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