ACC Secures €4.4B for Three Gigafactories, Boosting EV Battery Production
Automotive Cells Company (ACC) has secured a significant debt financing of 4.4 billion euros to fund the construction of three gigafactories and research and development. This move aims to strengthen ACC's position in the battery industry for electric vehicles.
Founded in 2020, ACC is a joint venture between Stellantis, Mercedes-Benz, and TotalEnergies, with backing from France, Germany, Italy, and the EU. The funding will accelerate ACC's development and solidify its role in the battery market.
The loan package is supported by a consortium of leading banks, including BNP Paribas, Crédit Agricole, Société Générale, Unicredit, and KfW Bank. It is also backed by Bpifrance, Euler Hermes, and SACE. ACC plans to construct the second block in France, the first block in Germany, and a double block in Italy.
ACC started production at its Billy-Berclau Douvrin Gigafactory in France on schedule in December 2023. Stellantis and Mercedes-Benz have shown their commitment by working with ACC and participating in a capital increase. By March 2024, Stellantis will own 45% of ACC's shares, Mercedes-Benz 30%, and Saft 25%.
ACC's successful debt raise signals a significant step in its growth and commitment to the European electric vehicle market. With the support of major automakers and financial institutions, ACC is poised to become a key player in battery production, contributing to the region's energy transition.
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