VERKOR INVITES FIVE NEW PARTNERS ON-BOARD, RAISING 100 MILLION EUROS TO DEVELOP LOW-CARBON HIGH-PERFORMANCE BATTERIES IN FRANCE

Grenoble, France – 6 July 2021 – Less than one year after its creation, the French company Verkor announces today that it has raised more than €100 million. This fund-raising structured around EQT Ventures and Renault Group, with the participation of the French Government and Auvergne-Rhône-Alpes Region, will support the company’s expansion, and in particular that of the Verkor Innovation Centre (VIC) where the innovative battery cells and modules will be designed to meet Europe’s carbon-neutrality targets. Groupe IDEC, Schneider Electric, Capgemini, Arkema, Tokai COBEX and the Fonds de Modernisation Ecologique des Transports (FMET) managed by Demeter are also contributing to this round of financing. The 10 partners are united by the same vision of building a local competitive and sustainable battery sector in Europe. Verkor is bringing this vision to fruition with a production capacity of 16 GWh in 2024 and at least 50 GWh by 2030. The VIC, which will be operational at the end of 2022 in Grenoble (France), is a major step forwards in the accomplishment of this vision. The VIC will house a battery cell pilot line, an R&D centre, module prototyping, test facilities, along with the training of a new generation of engineers and technicians.

At the signing ceremony which took place today in Paris, Benoit Lemaignan, Verkor’s CEO, declared: “We are honoured by the quality of the shareholders who are at our side. I would like to thank and congratulate our team for what we have accomplished together in less than one year of existence. Our new shareholding structure reflects our ambition exactly: complete mastery of the battery value chain, backed up by our points of excellence, enabling the cross-fertilizing of our areas of expertise. » Gregory Bernstein, Investment Director at EQT Ventures: “The worldwide energy transition to carbon neutrality will require a bold vision and excellence regarding innovation and execution. This is precisely what we are looking for when we invest in a team and this is why EQT Ventures is delighted to support the Verkor team, with our other partners, in the development of a decarbonised battery industry in Europe.»

Agnès Pannier-Runacher, Minister-delegate in charge of Industry declared: “I welcome the conclusion of this new partnership which constitutes an additional brick in the construction of an industrial and technological ecosystem for manufacturing batteries in France and Europe. At a time when the automotive sector is faced with unprecedented challenges, today’s investments are tomorrow’s jobs. We have therefore decided to back Verkor in its development by offering it our support in the framework of CORAM (Automobile Research and Mobility Research Steering Committee), financed through the PIA (Investment Programme for the Future). This project aims to speed up the development of innovative digital processes for the production of batteries, intended for the future Gigafactory. “Maroš Šefčovič, Vice-President of the European Commission, in charge of Interinstitutional Relations and Foresight, added: “This partnership is another example of the real difference that marks the EU Battery Alliance in the field. In just three years, Europe has become the worldwide epicentre for investment in batteries, demonstrating our capacity for strategic autonomy in this key sector. None of this would have been possible without the motivation and collaboration of all the players, including those in our industry, and of the member states, with France as one of the driving forces thanks to its strong commitment to sustainable mobility.”

Verkor will now benefit from the industrial expertise of the new shareholders, Arkema the leader in high-performance speciality materials, and Tokai COBEX, a key player in the area of high-efficiency, low-carbon anode materials. Demeter, a fund specialised in financing the energy transition, is also involved with its FMET (Ecological Transport Modernisation Fund), whereas the State, Auvergne-Rhône-Alpes region, and Bpifrance will provide financial support for the R&D programme. This announcement follows on from the signing of the partnership between Verkor and Renault Group last week whereby Verkor will supply Renault Group with an initial capacity of at least 10 GWh a year for its programmes for vehicles in the C segments and higher in the Renault range, as well as for the Alpine models. With EIT InnoEnergy’s strong European ecosystem, GROUPE IDEC’s know-how in the area of real estate development, Schneider Electric’s expertise in industrial production and Capgemini’s mastery of industrial excellence, the foundations of the Verkor Innovation Centre and of the future Gigafactory have now been firmly laid. Barber Hauler Capital Advisers and Santander Corporate & Investment Banking contributed to the conclusion of this fund-raising round as financial consultants, with De Gaulle et Fleurance & Associés serving as legal advisers.