Distributed Energy Resources, GHG Emissions, Industrial - February 27, 2024
Automotive Cells Co Receives Financing for Battery Plants
Automotive Cells Company (ACC) announced the closing of a 4.4 billion euro Project Financing for the development of three gigafactories for lithium-ion battery cell production in Italy, Germany and France.
A joint venture between Stellantis, Mercedes-Benz, and TotalEnergies through its subsidiary Saft, ACC will use the proceeds to fund its first gigafactory in Billy-Berclau Douvrin (BBD), France — which started production of battery modules for Stellantis in December 2023 — as well as to develop a second block in BBD, the first block in Germany, and another double block in Italy.
Deutsche Bank is one of four European banks tasked as underwriter, lender, and hedging bank on this transaction.
The Deutsche Bank underwritten amount of 1.1 billion euros is also contributing to the bank’s sustainable finance target.
“The transition to the electrification of vehicles is still on the way,” said Yann Vincent, Chief Executive Officer of ACC, in a statement. “To meet this immense challenge, our customers must be able to rely on robust and reliable European players like ACC, capable of delivering high volumes of competitive batteries with a low CO2 footprint. With this world-class financial community supporting us, we see clear evidence of the confidence that is placed in the ACC project. Beyond this operation, we will determine our needs as and when we conclude additional contracts. We are resolutely looking to the future, with a view to achieving our objective of growing our production capacities.”
The project is recognized by the EU as an Important Project of Common European Interest (IPCEI) and will accelerate the development of ACC as a player in the battery industry to equip high-performance, low-carbon electric vehicles.
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