Verkor secures 1.3 billion euros for its battery gigafactory

Verkor, a start-up specializing in electric batteries, obtains a €1.3 billion loan to finance its gigafactory in Dunkirk, after raising over €2 billion in capital.

Share:

Gigafactory Verkor Dunkerque Batteries

Verkor has announced that it has secured 1.3 billion euros in green financing with the support of 16 commercial banks and 3 public banks. This sum will finance the construction of the company’s first gigafactory, located in Dunkirk, France, with an initial production capacity of 16 GWh/year. The financing agreement was signed in the presence of the French Minister of Industry, Roland Lescure, underlining the importance of this project for reindustrialization and the energy transition in France. This financing comes on top of the more than 2 billion euros raised by Verkor last September, bringing the total funds secured for the Gigafactory and Verkor Innovation Centre to over 3 billion euros. The Gigafactory is scheduled to produce its first low-carbon battery cells in 2025, creating around 1,200 direct jobs and 3,000 indirect jobs over the next two years. This is good news for the town, which is already involved in wind power projects.

Impact on the automotive industry and the energy transition

Verkor’s gigafactory in Dunkirk is a powerful symbol of reindustrialization in France, against a backdrop of energy transition. It will play a crucial role in achieving the goal of producing two million electric cars in France by 2030. Benoit Lemaignan, co-founder and president of Verkor, said the financing would enable the company to become a European leader in battery manufacturing. The Gigafactory will also help meet the growing need for batteries for mobility and stationary storage. Verkor’s project is part of a wider energy transition strategy in Europe, aimed at reducing dependence on battery imports and developing a local supply chain. This initiative is supported by favorable government policies and partnerships with key industry players.

Verkor: a major player in the energy transition

Since its foundation in 2020, Verkor has rapidly established itself as a key player in Europe’s energy transition. By focusing on the production of low-carbon batteries, the company is helping to reduce CO2 emissions and promote renewable energies. The Dunkirk Gigafactory represents a strategic investment in the future of the French and European automotive industry. The start-up benefits from the support of numerous financial and industrial partners, strengthening its market position. By developing innovative technologies and increasing its production capacity, Verkor aims to meet the growing demand for batteries for electric vehicles and energy storage systems.

Future prospects

The construction of Verkor’s gigafactory in Dunkirk marks a crucial step in France’s reindustrialization and Europe’s energy transition. With a planned output of 16 GWh/year by 2025, the plant will contribute to the energy autonomy and competitiveness of the French automotive industry. Verkor is positioned as a leader in battery manufacturing, capable of meeting tomorrow’s technological and environmental challenges.
By collaborating with European partners and benefiting from substantial financial backing, Verkor is well placed to play a central role in the transformation of the battery industry. Continued investment and technological innovation will be essential to maintain this momentum and ensure a sustainable future for electric mobility.

AMEA Power has commissioned a 300 MWh battery energy storage system in Egypt, a first for the country, extending the Aswan solar site’s activity and consolidating its presence in the African market.
SolaREIT announces it has committed more than $125mn to battery storage projects, supporting over 1.4 GW across the United States with land solutions dedicated to sector developers.
Driven by rising electricity demand, the battery energy storage systems market is set to soar, according to The Insight Partners, growing from $41.97bn in 2024 to $143.28bn in 2031 at an average annual rate of 17.91%.
A potential removal of grid fees exemption for battery storage systems is raising concerns among players in Germany's energy sector, fearing negative impacts on investment and the development of this key infrastructure.
Canadian Solar's subsidiary commissions the Papago Storage facility, supplying electricity to Arizona Public Service to meet high summer demand, thus strengthening local energy capacity with a total potential of 1,800 MWh.
EDF Power Solutions has been selected by the Japanese government to build a 110 MW lithium-ion battery after winning a public tender aimed at enhancing the flexibility of the country's electricity grid.
Atmos Renewables has completed financing for a 100 MW battery energy storage system in Western Australia, marking the company's first asset of this type in the region and strengthening its presence in the Australian energy market.
Eos Energy Enterprises has received an additional $22.7mn from the US Department of Energy to complete the first phase of its battery manufacturing project in the United States, bringing total funding to $90.9mn.
A Wood Mackenzie report estimates required battery investments at $1.2 trillion to integrate an additional 5,900 GW of renewable energy, highlighting battery storage systems' key role in stabilising electrical grids.
Chinese company HyperStrong and Swedish firm Repono AB announce a strategic agreement to jointly implement large-scale energy storage projects totalling 1.4 GWh in Europe by the end of 2027.
Globeleq and African Rainbow Energy finalise financing for Africa's largest standalone battery energy storage project, raising ZAR 5.4 billion ($300 million) from Absa and Standard Bank in South Africa.
Matrix Renewables and Pioneer Community Energy have signed an energy capacity contract for a 22 MW battery storage project in Kern County, operational from early 2026.
The Ignitis Group is starting the construction of three battery energy storage systems in Lithuania, with a combined capacity of 291 MW and a total investment of €130mn.
Alinta Energy has appointed GenusPlus Group to build the first phase of the Reeves Plains Energy Hub Battery, a high-capacity storage facility designed to support grid stability in South Australia.
A partnership between Indonesia Battery and Contemporary Amperex Technology aims to launch a lithium-ion battery plant in Indonesia by the end of 2026, with a 6.9 gigawatt-hour capacity and planned expansion.
State Grid Wuzhong Power Supply Company announces the completion of the energy storage compartment at Tongli substation, a key step for the upcoming integration of a 300 MW shared storage power plant in Ningxia.
Globeleq and African Rainbow Energy finalise commercial agreements for a 153 MW energy storage project in South Africa, aimed at enhancing national grid stability and optimising peak energy management.
Estimated at 40.9 billion dollars in 2024, the global microgrid market is expected to grow at an average annual rate of 19.28% to reach 191.01 billion dollars by 2033, driven notably by innovative energy contracts.
The U.S. energy storage market set a historic record in early 2025, surpassing 2 GW installed in the first quarter despite increasing uncertainty regarding federal fiscal policies and tax credits.
The Sino-Moroccan joint venture COBCO has begun manufacturing essential lithium-ion battery components at its Jorf Lasfar plant, targeting a final annual capacity of 70 GWh, enough to equip one million electric vehicles.