Battery Startup Verkor Secures Another €1.3 Billion for Plant in France [BNN Bloomberg (Canada)]
RENAULT SA UNSP/ADR (RNLSY)
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Source: BNN Bloomberg
The new €1.5 billion factory, under construction at the port of Dunkirk, helps expand a growing EV ecosystem in northern France, Verkor Chief Executive Officer Benoit Lemaignan said Friday in an interview. “There's a major dynamic to try and support this industry in France,” he said. “There is real enthusiasm — the government made big efforts to push for this.” The area around Dunkirk has attracted other investments, such as from Taiwanese battery maker ProLogium Technology Co., thanks to its location close to electric-car factories in France and neighboring countries, a deep-water harbor and rail connections. Read More: VW Weighs Slower Ramp Up of Battery Production on EV Downturn Verkor, funded in 2020 and based in Grenoble, has now secured more than €3 billion in financing to build its first EV battery factory and a research center. Renault SA owns 10% of Verkor and has one board seat. The European Union last year eased its rules on nations providing subsidies after the
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