Verkor raises €2 billion

French battery startup Verkor has secured more than €2 billion to build a battery factory in northern France.

The funding consists of €850 million in equity (Series C), €600 million in debt, and €650 million in government subsidies.

According to the funding announcement, Crédit Agricole Assurances has made a significant investment.

“As a responsible insurer committed to fighting causes of climate change, we are proud to participate in one of the first initiatives launched to relocalize the manufacturing of batteries for electric vehicles in France and Europe, alongside an innovative French industrial player. Crédit Agricole Assurances is a leading institutional investor in green energies and a major long-term investor in the French regions. This project fully meets our decarbonization ambitions and the Crédit Agricole group’s ‘raison d’être’ Act every day in the interest of our customers and society.” – Philippe Dumont, CEO of Crédit Agricole Assurances.