Supporting European electric vehicle manufacturing by investing in large-scale battery production

As the lead investor in French battery manufacturer Verkor, Macquarie Asset Management (Macquarie) is supporting the large-scale production of low carbon batteries1 for European electric vehicle (EV) manufacturers.  

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Sector Energy transition
Sub-sector Gigafactories
Location France


Investment in gigafactories – large-scale rechargeable battery manufacturing facilities – is critical to enabling the ongoing decarbonisation of Europe’s automotive sector.

EVs represent close to a quarter of new passenger vehicle registrations in Europe.2 By 2035, it is anticipated that the sale of new cars and vans with internal combustion engines will be effectively banned across countries in the European Union (EU).3 Supporting this transition to lower carbon modes of transport will require a significant increase in battery cell production, with more than €100 billion of investment in gigafactories estimated to be needed over the coming years.4

Recognising the need to mobilise private capital in support of the region’s decarbonisation goals, European policymakers have streamlined efforts to attract investment in the local EV manufacturing supply chain. However, investment in gigafactories requires a deep understanding of energy transition dynamics and strong industrial partnerships to build scale.

Macquarie believes it is well positioned to leverage its network of global capital partners and extensive experience in the energy transition to help build Europe’s EV industry.


In 2023, Macquarie became the lead investor in Verkor’s Series C fundraise.

Verkor was founded in 2020, aiming to fast-track the production of low-carbon, high-performance lithium-ion batteries in Europe. Benefitting from French government subsidies and an industrial partnership with Renault, the company sought additional investment partners to support the construction of its first gigafactory in Dunkirk in northern France.

Macquarie, via one of its managed funds, saw an opportunity to support Verkor’s ambitions and utilise its track-record of driving the growth of renewable energy and clean transportation technology platforms.

Macquarie’s investment, made alongside other financial partners and strong support from the EU and French government enabled Verkor to secure more than €2 billion in financing. The successful fundraise represented the largest ever equity raise for a French startup.5


By supporting the construction of Verkor’s first gigafactory in Dunkirk, Macquarie is helping to build a resilient EV supply chain while accelerating Europe’s green reindustrialisation.

Expected to be operational from 2025, Verkor’s first gigafactory is planned to have an annual production capacity of 16 GWh in lithium-ion batteries – enough to fit-out around 300,000 electric vehicles. Verkor’s long-term agreement with Renault aims to see the car manufacturer take the majority of the initial volume for its larger and premium EVs as it works to decarbonise its range for customers.

Verkor is also focusing on reducing the carbon footprint of its batteries in line with EU guidelines and net zero trajectory. This is planned to be achieved by using France’s low carbon power supply primarily relying on nuclear and renewables, a low carbon heat network in Dunkirk that uses waste heat from nearby facilities, and ensuring full traceability over the battery supply chain.1 Through this strategy, Verkor aims to produce batteries with a carbon footprint around three times smaller than those produced today.

The construction of Verkor’s first gigafactory unlocks a new chapter of growth for the company. Verkor is targeting annual battery production capacity of 50 GWh by 2030, supported by new partnerships and the backing of French and European institutional investors.

Macquarie’s investment also supports ongoing research, innovation and training at the Verkor Innovation Centre. Located in Grenoble in the south of the country, the state-of-the-art facility comprises a research and development lab, where Verkor’s growing team of battery specialists are testing and optimising new cell technologies, chemistries and manufacturing techniques.  

Lead investor

in an emerging French clean technology champion

16 GWh

per annum gigafactory in Dunkirk under construction


EVs planned to be fitted with Verkor batteries annually

Contributing to decarbonising

Europe’s transportation sector

Verkor has assembled a leading team, developed a robust technical solution and won the backing of state and leading industrial partners. The long-term commercial agreement with Renault secures the investment case for its first gigafactory and together with this fundraising, signals Verkor's transformation from a startup to a leading player in the European battery space.” 

Chris Archer
Co-Head of EMEA
MAM Green Investments
Macquarie Asset Management