Battery Startup Gets Renault Order in Hope it Will Spur Funding
- Jefferies and Societe Generale working on Verkor fund raising
- French startup says Renault order is crucial to get financing
Rendering of Verkor’s Gigafactory.
Source: VerkorThis article is for subscribers only.
French battery startup Verkor received a “long-term” battery order from French carmaker Renault SA, a step it says will facilitate raising funds to build a battery factory worth about €1.5 billion ($1.7 billion) in northern France.
The company is working with Jefferies Financial Group Inc. and Societe Generale SA to raise necessary financing for the plant, with a mix of debt, equity and subsidies, Verkor co-founder and chief strategy officer Philippe Chain said in an interview on Thursday. The company is in talks with existing shareholders as well as possible new ones, such as investment funds, he added.