French EV battery maker ACC raises EUR 4.4 bn for three new factories

French EV battery manufacturer Automotive Cells Co (ACC) has raised EUR 4.4 bn for the development of three lithium-ion giga factories in Europe, Reuters reports. The factories — which will be established in France, Italy, and Germany — require a total investment of EUR 7 bn. ACC is aiming to construct four new production lines alongside existing facilities with the funds.

Where is the money coming from? ACC’s initiative is being financed by a consortium of European banks including BNP Paribas, Deutsche Bank, ING, Intesa Sanpaolo, and Bpifrance as well as insurers Euler Hermes and SACE, the newswire writes. BNP Paribas served as the battery maker’s exclusive financial adviser.

About ACC: Founded in France in 2020, ACC is a European manufacturer specializing in the production of lithium-ion batteries used for EVs, according to its website. ACC is co-owned by Stellantis, Mercedes, and TotalEnergies.