EIT InnoEnergy start-up Verkor secures over EUR 1.3 billion through a green loan
Verkor secures over EUR 1.3 billion in green financing with the support of 16 commercial banks and three public banks.
Launched in 2020 with the support of EIT InnoEnergy, Verkor aims to ramp up low-carbon battery manufacturing in Europe to meet growing demand for electric vehicles and stationary storage.
The funds will be directly allocated to the construction and financing of Verkor’s first Gigafactory located in Dunkirk, with an initial production capacity of 16 GWh/year. With this new transaction, the total amount of financing secured by Verkor for its first Gigafactory and the Verkor Innovation Centre peaks at more than EUR 3 billion.
This additional financial support solidifies the trust of the banking partners in the impact of Verkor’s project to provide low-carbon, high-performance batteries to the European automotive industry and thereby fully contribute to Europe’s industrial sovereignty in electric mobility and energy storage.
A solid ecosystem of public and private banking partners
After the initial impetus of lead banks two years ago (European Investment Bank, BpiFrance, ING Bank N.V. and Banco Santander) and the support of financial advisors (Diadamante, Société Générale and Macquarie Capital), Verkor has now secured the support of new public and private players.
Verkor has chosen to bring together a wide range of banking partners to meet the financing needs of its first Gigafactory and build a robust financial ecosystem to support the company’s growth.
The European Investment Bank brings an investment of EUR 400 million to Verkor. This includes EUR 270 million in direct loans under the InvestEU mandate of the European Commission and EUR 130 million of intermediated loans to the commercial banks funding the deal.
Unprecedented green loan salutes Verkor’s major environmental commitment
Verkor will produce low-carbon batteries with one of the smallest environmental footprints in the world. As proof of the environmental quality of its project, Verkor has received the 'Dark Green' rating from the independent rating agency Standard & Poor’s, the highest possible for a green loan. This rating guarantees that the project financed complies with numerous environmental criteria that are regularly audited and measured, to guarantee its ecological commitment.
Located in the Dunkirk area, the Gigafactory will be operational in 2025 and will create around 1 200 direct jobs and 3 000 indirect jobs over the next two years. This facility makes Verkor a major partner for players in the mobility and stationary storage sectors.
We are proud to secure EUR 1.3 billion to further develop our ambitions. This debt financing will enable us to finalise the construction of our Gigafactory, which will produce its first low-carbon battery cells in 2025. The participation of 19 leading banks in demonstrates the credibility of our project, and enables us to accelerate our drive to become one of Europe’s leading battery manufacturers. We are also delighted that this financing takes the form of an unprecedented ‘green loan’.Benoit Lemaignan, CEO of Verkor
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