🏆 Deal of the Month · September 2023
Verkor raised EUR 2 billion in a Series C round in September 2023; the company's valuation was not disclosed as part of the transaction. The round drew capital from a broad syndicate of climate-focused and strategic investors, with no single lead investor publicly identified. The proceeds are earmarked for the construction of Verkor's first Gigafactory in Dunkirk, northern France.
Verkor — key deal facts
| Company | Verkor |
| Founded | 2020 |
| Headquarters | Grenoble, France |
| Amount raised | EUR 2B |
| Valuation | Valuation Remains Undisclosed |
| Round | Series C |
| Investors | A&G Energy Transition Tech Fund Accenture Ventures Claret Capital Partners ETF Partners Kheng Nam Lee Santander Climate Tech Fund Taavet Hinrikus Trill Impact |
| Sectors | Battery |
Who invested in Verkor?
The Series C was backed by A&G Energy Transition Tech Fund, Accenture Ventures, Claret Capital Partners, ETF Partners, Kheng Nam Lee, Santander Climate Tech Fund, Taavet Hinrikus, and Trill Impact. The investor mix is notable for spanning corporate venture arms, dedicated climate-transition funds, and individual technology entrepreneurs, reflecting the cross-sector conviction behind European battery manufacturing. The presence of Accenture Ventures and Santander Climate Tech Fund adds industrial and financial-sector credibility to the cap table.
What does Verkor do?
Verkor is a French industrial company founded in July 2020 by a team of six industry experts, with Benoît Lemaignan serving as Co-Founder and CEO. Headquartered in Grenoble, France, the company manufactures low-carbon battery cells for electric vehicles and large-scale stationary energy storage, delivering cells as modules for integration into customer battery packs. Verkor operates an Innovation Centre in Grenoble for technology development and holds a key supply partnership with Renault Group. Its first Gigafactory, located in Dunkirk (Bourbourg), France, is targeting an initial production capacity of 16 GWh per year with operations expected to begin in 2025.
Verkor valuation & multiples
Explore the benchmarks: Series C.
Frequently asked questions
How much did Verkor raise in its Series C?
Verkor raised EUR 2 billion in its Series C round in September 2023.
What is Verkor's valuation?
Verkor's valuation was not disclosed in connection with the Series C financing.
Who invested in Verkor?
The Series C investors include A&G Energy Transition Tech Fund, Accenture Ventures, Claret Capital Partners, ETF Partners, Kheng Nam Lee, Santander Climate Tech Fund, Taavet Hinrikus, and Trill Impact.
When was Verkor founded and where is it based?
Verkor was founded in July 2020 and is headquartered in Grenoble, France.
Source: original announcement — read the full report.