Hyperdrive
French Startup Raises €2 Billion for EV Plant in Macron Win
- Macron says deal is “bold sign” for re-industrialization
- Verkor secures €650 million in French subsidies in deal
Source: Verkor
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French battery startup Verkor raised more than €2 billion ($2.2 billion) to fund a factory in northern France as President Emmanuel Macron steps up efforts to attract electric-vehicle investments and better compete with China and the US.
Construction of the new €1.5 billion plant, located in the port of Dunkirk, will start next month, Verkor Chief Executive Officer Benoit Lemaignan said in a phone interview. It will create 1,200 jobs and have initial production capacity of 16 gigawatt hours a year and is expected to be operational by 2025.