ACC, which is a joint venture between Stellantis, Mercedes-Benz, and Saft, expects construction of the three gigafactories to boost its position as a major player in the battery sector in equipping high-performance, low-carbon EVs
Electric vehicle (EV) battery technology firm Automotive Cells Company (ACC) has closed a €4.4bn debt raising for the construction of three lithium-ion battery cell production facilities in France, Germany, and Italy.
The capital will also be utilised for research and development (R&D).
ACC’s new debt package is fully underwritten by a consortium of commercial banks, Deutsche Bank, BNP Paribas, Intesa Sanpaolo, and ING, with support from Bpifrance, SACE, and Euler Hermes.
According to ACC, construction of the three gigafactories will expedite the development of the company and boost its position as an important player in the battery sector in equipping high-performance, low-carbon EVs.
Established in 2020, ACC is a joint venture (JV) between Dutch automotive company Stellantis, German automotive brand Mercedes-Benz, and French energy company TotalEnergies via its subsidiary Saft.
After the next capital injection and by the end of March 2024, Stellantis will own 45% of shares in the JV while Mercedes-Benz and Saft will hold interests of 30% and 25%, respectively.
In December 2023, the EV battery technology firm launched production at its Billy-Berclau Douvrin gigafactory in France on schedule to serve Stellantis. ACC has also commenced construction of the second block on the French site.
ACC CEO Yann Vincent said: “The transition to the electrification of vehicles is still on the way. 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.”
BNP Paribas was the exclusive financial adviser to ACC.