Less than one year after its launch, the French battery company Verkor has raised €100 million (US$119 million) in funding. Co-led by EQT Ventures and Renault Group, with participation from the French Government and Auvergne-Rhône-Alpes Region, the funding will support the company’s expansion, and trigger the construction of the Verkor Innovation Centre (VIC) where the company will design advanced battery cells and modules.

The news follows the recent signing of a partnership between Verkor and Renault Group under which Verkor will supply an initial capacity of at least 10 GWh per year for the C and higher segments of the Renault range, as well as for the Alpine models.

Verkor will deliver battery cell manufacturing capacity of 16 GWh in 2024, scaling to +50 GWh by 2030. The VIC, which will be located in Grenoble and operational in 2022, is a major milestone in achieving this. It will accommodate a pilot line for battery cell manufacturing, a R&D center, testing facilities, module prototyping, and provide training for a new generation of engineers and technicians.

Read more/Source: Green Car Congress