French battery startup Verkor has raised 100 million euros in funding.
The funds will be used by the company to build a battery factory in France.
The funding round was led by EQT Ventures and Renault Group, which the startup supplies batteries to.
Verkor was founded in July last year. It is based at Grenoble, where it plans to build the factory, which will be part of its Verkor Innovation Centre.
The Centre will have cell production line as well as centers for R&D and engineering education.
It is planned to be completed in 2022.
Verkor is planning to secure 16GWh capacity by 2024, and 50GWh by 2030. Batteries produced here will be supplied to Renault Group.
Renault Group owns a 20% stake in Verkor and is planning to procure 10GWh per year of batteries from the startup.
The automobile giant is planning to manufacture 400,000 electric vehicles per year by 2025.
It procures batteries from South Korea’s LG Energy Solution, Verkor and China’s Envision AESC.
Envision AESC is planning to build a battery plant with Renault at Douai, north of France, to secure 24GWh in production capacity by 2030.