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In recent days, two European battery companies have collectively raised over $9.7 billion (US) in financing in just two months.

On February 12, European automotive battery manufacturer Automotive Cells Company (ACC) announced the completion of a $4.7 billion (US) financing project. ACC, backed by global automotive giant Stellantis, French energy behemoth TotalEnergies, and Mercedes-Benz, was jointly established in 2020. In addition to this financing, ACC’s three shareholders will inject new funds into the company. By the end of March this year, Stellantis will hold a 45% stake in ACC, Mercedes-Benz will hold 30%, and TotalEnergies will hold 25%.

ACC stated that this financing is one of the largest debt financing activities in the history of the European automotive industry. The funds will be used to build four new production lines, one in France, one in Kaiserslautern, Germany, and two in Termoli, Italy. Last year, the company opened a lithium battery production plant in Billy-Berclau, northern France.

european-battery-manufacturers-acc-and-northvolt-secure-over-9-electrification-solutions

About a month earlier, another battery newcomer in Europe secured even larger financing. On January 16, Northvolt announced the signing of a $5 billion non-recourse project financing agreement, which will be used to expand its Northvolt Ett super factory in northern Sweden. Since 2017, Northvolt has raised over $13 billion in debt and equity investments.

Northvolt is one of the few domestic battery manufacturers in Europe and was founded by former Tesla supply chain executives Peter Carlsson and Paolo Cerruti in 2017. It was established in 2016 and initially received support from the European Union. Two Swedish autonomous municipalities and giants such as Scania, Siemens, BASF, and Renault invested in it. Later, Volkswagen Group, BMW Group, Volvo Group, and Goldman Sachs, among others, followed suit. Orders from its main customers exceed $55 billion.

It is forecast that by 2025, Europe may control 11% of the global battery manufacturing capacity. This will reduce China’s market share and Europe will compete with the United States in the industry. At the same time, the EU also estimates that by then, the annual value of the European battery market may reach 250 billion euros (approximately $270.3 billion US), with European battery factories or suppliers taking at least 100 billion euros (approximately $108.1 billion US).

Institutions predict that by 2030, Europe will have at least 16 battery super factories in operation, with an actual annual output expected to reach 446GWh. European Battery Union (EBU) official predicts that by 2030, China will continue to play a leading role in battery production capacity, with Europe ranking second globally, just behind China.

Source: WeChat Official Account—起点锂电

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