Verkor Valuation, Funding & Investors

Verkor is valued at $2.1B as of September 2023.

Last Verkor valuation

$2.1B

Series C · Sep 2023

Last Verkor funding round

Strategic investment

Amount undisclosed · Oct 2024

Cumulative funding Verkor raised

$1.3B

across 5 funding rounds

Key investors in Verkor

  • Bpifrance
  • EQT Ventures
  • EIT InnoEnergy
  • Demeter
  • Renault
  • Groupe IDEC

Verkor Overview

About Verkor

Verkor builds gigafactories for low-carbon lithium-ion battery cells targeting electric vehicles from its headquarters near Grenoble, France. The company plans a 50 GWh facility in Dunkirk by 2025, reducing carbon footprints by 80% through renewable energy and recycled materials, backed by investments from Renault Group and Schneider Electric.


Founded

2020

HQ

FranceGrenoble

Website

verkor.com

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$2.1B (Sep 2023)

Verkor Valuation

Verkor is currently valued at $2.1B, based on its Series C in September 2023.

The $899M round was led by Macquarie Asset Management, with participation from EIT InnoEnergy, Renault, Sibanye Stillwater, CMA CGM Ventures, Bpifrance and 4 other investors.

Verkor valuation by funding round

Verkor valuation by funding round
DateStageValuation
Sep 2023Series C$2.1B

Verkor Funding History

Verkor has raised a total of $1.3B across 5 funding rounds.

Verkor's first fundraising round was a $119M undisclosed-stage round in July 2021. The most recent completed round was a strategic investment round in October 2024.

Verkor funding rounds

Verkor funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2024Strategic investmentING Bank (lead); EnerSys (lead)--ING Sustainable Investments and EnerSys took equity stakes in Verkor in a transaction announced on 30 October 2024. Neither the amounts invested nor the resulting shareholdings were disclosed. The investment followed the EUR 1.3 billion bank financing arranged in May 2024 for Verkor's Dunkirk gigafactory, in which ING also took part. EnerSys paired its stake with a development agreement covering a new battery cell format to be engineered at Verkor's Grenoble innovation centre.
Sep 2023Series CMacquarie Asset Management (lead); EIT InnoEnergy; Renault; Sibanye Stillwater; CMA CGM Ventures; Bpifrance; Fonds Stratégique de Participations; Credit Agricole Assurances; EQT Ventures; Meridiam$899M$2.1BVerkor is a French battery manufacturer developing high-performance low-carbon lithium-ion battery cells, with its first gigafactory in Dunkirk, France, targeting 16 GWh/year initial capacity operational by 2025. On September 14, 2023, Verkor announced a Series C equity round of a minimum €850 million led by Macquarie Asset Management, with participants including Meridiam, Crédit Agricole Assurances, Renault Group, EQT Ventures, EIT InnoEnergy, Bpifrance, CMA CGM, Fonds Stratégique de Participations, and Sibanye-Stillwater. This formed part of over €2 billion total financing including €600 million EIB debt approval and ~€650 million French subsidies pending EC approval, marking the largest equity raise for a French startup to accelerate gigafactory construction, innovation at the Verkor Innovation Centre, and battery value chain investments.
Nov 2022Undisclosed stageGroupe IDEC; Demeter; Bpifrance; European Investment Bank$260M--
Mar 2022Undisclosed stagePlastic Omnium (lead)$22M-Verkor is a French battery manufacturer specializing in low-carbon, high-efficiency battery cells for electric vehicles, commercial vehicles, and stationary storage. On March 29, 2022, Plastic Omnium announced a €20 million investment in Verkor alongside a strategic industrial partnership to jointly develop, manufacture, and commercialize battery modules and parts using Verkor’s cells. Plastic Omnium gains preferred access to at least 4 GWh per year of battery cells from Verkor’s upcoming Dunkirk gigafactory starting in 2025. The investment supports Verkor’s expansion into strategic growth markets and accelerates its gigafactory project in Dunkirk, with construction planned to begin in 2023 and initial 16 GWh capacity by 2025, scaling to 50 GWh by 2030. Verkor, founded in 2019, had already partnered with Renault Group as a key supplier for high-performance electric vehicles, planning 10 GWh from 2026 and 20 GWh from 2030. This round positions Verkor as a player in Europe’s battery ecosystem amid efforts to reduce reliance on Asian supply chains.
Jul 2021Undisclosed stageEQT Ventures (lead); Renault (lead); EIT InnoEnergy; Groupe IDEC; Demeter; Schneider Electric; Government of France; Arkema; Capgemini; Tokai COBEX$119M-Verkor is a French industrial company founded in 2020 and based in Grenoble, specializing in the development and production of high-performance, low-carbon lithium-ion battery cells for electric vehicles and stationary storage. The company raised €100 million ($118.6 million) in a funding round on July 6, 2021, co-led by EQT Ventures and Renault Group, with participation from investors including the French Government, Auvergne-Rhône-Alpes region, EIT InnoEnergy, Groupe IDEC, Schneider Electric, Capgemini, Arkema, Tokai COBEX, and the Demeter-managed Fund for Ecologic Modernization of Transport. The funds were allocated to establish an advanced R&D facility and pilot line, known as the Verkor Innovation Centre (VIC), to advance battery cell development and intelligent manufacturing as part of its roadmap toward 50 GWh production capacity by 2030. This round followed a partnership announcement with Renault Group, under which Verkor committed to supplying at least 10 GWh per year starting in 2026 for Renault's C-segment and higher vehicles as well as Alpine models, with potential expansion to 20 GWh by 2030. Renault's involvement included an earlier indicated 20% stake, though not reiterated in the funding announcement. The financing supports Verkor's strategy to localize low-carbon battery manufacturing in France and southern Europe amid rising demand for electric mobility, positioning it to serve multiple automotive customers beyond Renault. Verkor plans to raise over €1 billion in additional debt and equity to construct its first gigafactory. The company benefits from France's push for domestic battery production to reduce reliance on Asian supply chains, aligning with European energy transition goals. Subsequent developments include further funding rounds, such as later Series B extensions and Series C.

Who has invested in Verkor?

21 investors have backed Verkor across its funding rounds, including Bpifrance, EQT Ventures, EIT InnoEnergy, Demeter, Renault and Groupe IDEC.

Lead investors include ING Bank, EnerSys, Macquarie Asset Management, Plastic Omnium, EQT Ventures and 1 other investor.


Verkor Investors

Investors in Verkor by funding rounds participated
InvestorHQRoundsRoleFirst check
EIT InnoEnergyNetherlandsEindhoven2ParticipantJul 2021
RenaultFranceFrance2LeadJul 2021
Groupe IDECFranceParis2ParticipantJul 2021
DemeterFranceParis2ParticipantJul 2021
BpifranceFranceParis2ParticipantNov 2022
EQT VenturesSwedenStockholm2LeadJul 2021
Sibanye StillwaterSouth AfricaJohannesburg1ParticipantSep 2023
CMA CGM VenturesFranceMarseille1ParticipantSep 2023
Macquarie Asset ManagementAustraliaSydney1LeadSep 2023
Plastic OmniumFranceFrance1LeadMar 2022
Schneider ElectricFranceParis1ParticipantJul 2021
Government of FranceFranceParis1ParticipantJul 2021
EnerSysUnited StatesUnited States1LeadOct 2024

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Verkor Competitors

Verkor competitors include listed companies like SMA Solar Technology and Emerald Horizon, and private ones like Form Energy, NW Storm, Sungrow New Energy and Our Next Energy.

Public and private companies comparable to Verkor
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SMA Solar TechnologyGermanyGermanyPublicly listed$1.7B($77M)$2.2B1.1x
Form EnergyUnited StatesBoston, MAPrivate$85M-$2.5B-
NW StormFranceParisPrivate--$1.7B-
Sungrow New EnergyChinaHefeiPrivate--$2.8B-
Emerald HorizonAustriaAustriaPublicly listed$259K($523K)$1.2B-
Our Next EnergyUnited StatesDetroit, MIPrivate--$1.2B-

Verkor Public Comps

Verkor is still privately-owned, but its public comps include Sunrun, GCL System Integration, Nofar Energy, GoodWe Technologies, SMA Solar Technology, SolarEdge, Rockpoint Gas Storage, Verbio, Liontown and Luenmei Quantum Co.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Sunrun$3B$546M6.2x6.0x33.6x25.4x
GCL System Integration$2.3B($43M)1.0x0.8x(53.5x)20.5x
Nofar Energy$103M$95M49.8x-53.6x-
GoodWe Technologies$1.3B$47M1.6x1.2x44.7x13.2x
SMA Solar Technology$1.7B($77M)1.2x1.1x(26.4x)14.3x
SolarEdge$1.2B($365M)1.8x1.6x(5.7x)(86.7x)
Rockpoint Gas Storage$479M$362M7.3x7.5x9.6x9.0x
Verbio$1.8B($59M)1.4x1.2x(41.7x)11.1x

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Common questions about Verkor

When was Verkor founded?Verkor was founded in 2020.
Where is Verkor headquartered?Verkor is headquartered in Grenoble, France.
Is Verkor publicly listed?No, Verkor is a private, VC-backed company.
What is Verkor's valuation?Verkor was last valued at $2.1B in its Series C in September 2023.
How much funding has Verkor raised?Verkor has raised $1.3B across 5 funding rounds.
What was Verkor's last funding round?Verkor's last funding round was a strategic investment round in October 2024, led by ING Bank and EnerSys.
Who are Verkor's investors?Verkor's investors include EIT InnoEnergy, Renault, Groupe IDEC, Demeter, Bpifrance, EQT Ventures, Sibanye Stillwater, CMA CGM Ventures, Macquarie Asset Management, Plastic Omnium and 11 others.
Which companies are comparable to Verkor?Companies comparable to Verkor include SMA Solar Technology, Form Energy, NW Storm, Sungrow New Energy, Emerald Horizon and Our Next Energy.

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