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Reindustrialization and fair transition in France: Verkor secures financing for an EV Battery Gigafactory in Dunkirk
On Friday 24 May 2024, Verkor announced that it had secured a EUR 1.2Bn non-recourse “green” financing to support the construction of its 16 GWh EV battery Gigafactory in Dunkirk, France. The closing ceremony took place at Matignon (the French Prime Minister’s office), under the presidency of Roland Lescure, Minister Delegate for Industry and Energy, in the presence of Mohamed Kallala, Global Head of Natixis Corporate & Investment Banking and Thierry Lloste, member of the Caisse d'Epargne Hauts de France executive board.
Natixis’ Green & Sustainable Hub is proud to have been Green Loan Co-Coordinator for this emblematic deal, enabling the decarbonization of the transport sector while ensuring it is socially acceptable with the development of local jobs and expertise as well as strong supply chain commitments. Verkor’s approach is particularly interesting as beyond addressing the “what” – developing batteries for electric mobility - it contributes to a sustainable “how” – with a focus on minimizing the negative environmental and social impacts of the production process and its value chain.
Verkor: a pioneer contributing to European climate goals
Founded in 2020, Verkor aims to be the leading low carbon European battery cells manufacturer with one of the lowest environmental footprints globally by 2032. As the first French Gigafactory, it seeks to address the supply deficit for high-quality battery cells, by accelerating the large-scale industrialization of batteries in Europe. The production of batteries is crucial for the automotive sector's shift from internal combustion to electrified engines, contributing to the European ambitions for clean mobility to reach at least 30 million zero-emission cars on European roads by 2030[1]. The Dunkirk Gigafactory is anticipated to comply with the EU Taxonomy substantial contribution criteria to climate change mitigation, for the enabling activity “Manufacture of batteries”.
Verkor is positioned as one of the European pioneers in low-carbon footprint batteries for electric vehicles and stationary storage, with commitments throughout the battery life cycle, from the choice of components to recycling. Central to Verkor’s DNA, is innovation, to ensure it can reach its goals. Verkor has a dedicated Innovation Centre focusing on developing low carbon batteries and conducting full-scale testing of digital manufacturing processes.
Verkor: a pioneer contributing to European climate goals
Founded in 2020, Verkor aims to be the leading low carbon European battery cells manufacturer with one of the lowest environmental footprints globally by 2032. As the first French Gigafactory, it seeks to address the supply deficit for high-quality battery cells, by accelerating the large-scale industrialization of batteries in Europe. The production of batteries is crucial for the automotive sector's shift from internal combustion to electrified engines, contributing to the European ambitions for clean mobility to reach at least 30 million zero-emission cars on European roads by 2030[1]. The Dunkirk Gigafactory is anticipated to comply with the EU Taxonomy substantial contribution criteria to climate change mitigation, for the enabling activity “Manufacture of batteries”.
Verkor is positioned as one of the European pioneers in low-carbon footprint batteries for electric vehicles and stationary storage, with commitments throughout the battery life cycle, from the choice of components to recycling. Central to Verkor’s DNA, is innovation, to ensure it can reach its goals. Verkor has a dedicated Innovation Centre focusing on developing low carbon batteries and conducting full-scale testing of digital manufacturing processes.
Green Loan, a natural label for Verkor’s financing
To highlight the environmental performance of its operations and cement Verkor’s green pure player positioning, Verkor has developed a Green Financing Framework, aligning with current best market practices, through which the loan is labelled as “green”. It has received an external review from S&P Global Ratings, giving it the maximum score of “Dark Green”.
Footnotes
[1] European mobility strategy, 2021, EU commission, available here
Link to the Green Financing Framework: https://verkor.com/app/uploads/2024/05/Verkor_Green-Financing-Framework.pdf
Link to the Second Party Opinion: https://www.spglobal.com/_assets/documents/ratings/research/101598424.pdf
