Verkor Raises €100M in Funding


Verkor, a Grenoble, France–based battery cell producer, raised €100m in funding.

The round was co-led by EQT Ventures and Renault Group, with participation from the French Government and Auvergne- Rhône-Alpes Region, EIT InnoEnergy, Groupe IDEC, Schneider Electric, Capgemini, Arkema, Tokai COBEX and the Fund for Ecologic Modernisation of Transport (FMET) managed by Demeter.

The company intends to use the funds to accelerate expansion, and trigger the construction of the Verkor Innovation Centre (VIC), where the advanced battery cells and modules will be designed.  

Founded in July 2020 by Benoit Lemaignan, CEO, Verkor is an industrial company which will ramp up low-carbon battery manufacturing in France and southern Europe to meet the demand for electric vehicles — and electric mobility as a whole — and stationary storage in Europe. 

Verkor will have a battery cell manufacturing capacity of 16 GWh in 2024, scaling to +50 GWh by 2030. The VIC, which will be located in Grenoble and operational in 2022, will accommodate a pilot line for battery cell manufacturing, a R&D centre, testing facilities, module prototyping, and provide training for a new generation of engineers and technicians.