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EIT InnoEnergy backs Europe's new battery cell producer, Verkor

24/08/2020

EIT InnoEnergy backs Europe’s new battery cell producer, Verkor

Verkor, Europe’s new battery cell producer, begins its industrial journey, backed by EIT InnoEnergy, Schneider Electric and the GROUPE IDEC

The French industrial company, is set to amplify battery cell production in Europe, with the support of EIT InnoEnergySchneider Electric and the GROUPE IDEC. The new venture will accelerate the production capacity of low-carbon batteries in southern Europe to meet growing demand for electric vehicles and stationary storage.

Production in Verkor’s first Gigafactory is scheduled to begin in 2023, with a capacity of 16 GWh of battery cells which will increase to 50 GWh in line with market dynamics. The facility will require an initial investment of €1.6bn and will create more than 2,000 direct jobs while supporting thousands more in its supply chain and ecosystem. The search for 200+ hectares of land is already underway.

Verkor was founded in response to the growing gap between the expected demand for batteries and the committed and planned European supply. Indeed, the expected growth in demand this decade will require two to three Gigafactories in France alone. The European industrial ecosystem is therefore compelled to establish a sustainable and indigenous European battery supply chain, which in turn will reduce reliance on imports.

Read full article on InnoEnergy website Here