European battery cell manufacturer ACC (Automotive Cells Company) announced today that it has raised €4.4 billion ($4.7 billion) in debt financing, with the aim of supporting the construction of three gigafactories for the production of lithium-ion battery cells in France, Germany and Italy. .
ACC was founded in 2020 as a joint venture between Stellantis and TotalEnergies – with Mercedes-Benz joining the JV in 2021 – and supported by French, German and European authorities, in order to create a European vehicle battery champion electrical. The company aims to develop and produce battery cells and modules for EVs with a focus on safety and performance, while ensuring the lowest carbon footprint.
The company opened its first gigafactory in France in 2023, which currently produces batteries for Stellantis, and plans a series of developments to respond to demand, including the construction of a second block at the French facilities, in addition to factories in Germany and Italy. ACC has set a goal of achieving at least 120 gigawatt-hours of cellular capacity by 2030.
Yann Vincent, CEO of ACC said:
“The transition to vehicle electrification is still ongoing. To meet this immense challenge, our customers must be able to rely on robust and reliable European players like ACC, capable of supplying large volumes of competitive batteries with a low CO2 footprint.”
The announcement marks the latest in a series of large-scale capital raises for a growing ecosystem of battery manufacturing gigafactories to support the transition to electric vehicles in Europe, including a $5 billion green loan completed in January for the battery manufacturer Northvolt for its company based in northern Sweden. lithium-ion battery gigafactory and battery recycling facility.
The debt package was underwritten by a consortium of commercial banks, including BNP Paribas, Deutsche Bank, ING, Intesa Sanpaolo, and supported by Bpifrance, Euler Hermes and SACE.
David Lynne, head of Corporate Bank and Deutsche Bank, said:
“This agreement represents a major milestone for Deutsche Bank and our Corporate Bank. It shows how we support the transformation of the European economy across countries and, at the same time, one of the most important industries for Germany. It also demonstrates our strategic focus on structuring and facilitating the energy transition. We are delighted to be part of this transaction and would like to congratulate everyone involved for setting this important signal for the European, and also German, economy.”
