French battery start up Verkor has raised EUR2bn for its battery gigafactory project in Dunkirk, France.

The funding includes EUR850m from a Series C round, a EUR600m ‘support package’ from the European Investment Bank and EUR650m in subsidies under the France 2030 plan.

Macquarie Asset Management lead the funding round with Meridiam also participating. Other investors included Renault, EQT Ventures, EIT InnoEnergy, and Sibanye-Stillwater.

The new factory is expected in operation by 2025 with initial capacity for 16GWh/year.

Verkor claimed the gigafactory would create 1,200 direct and 3,000 indirect jobs.

“With the renewed commitment of our existing partners, we are now on track to becoming one of the leading European battery manufacturers,” the company said, adding: “Support will be subject to final approval by the European Commission within the Framework for State aid for Research and Development and Innovation.”

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