Battery company ACC bags €4.4B to build three European gigafactories

European automotive battery maker Automotive Cells Company (ACC) has secured a major chunk of an investment to expand manufacturing capacity. A consortium of banks led by BNP Paribas has agreed to fund 4.4 billion euros of an estimated 7 billion euros needed to build three new gigafactories in France, Germany and Italy.

ACC is owned by Stellantis (known for Citroën, Fiat, Chrysler and many other major brands), Mercedez-Benz and Saft, a subsidiary of energy company Totalenergies. The shareholders will supplement the raid capital by cash injections, taking holding to 45 percent for Stellantis, 30 percent for Mercedes-Benz and 30 percent for Saft by the end of 2024.

Late last year, ACC started production for Stellantis at its gigafactory in France. This facility will be expanded with an additional production line, before starting construction of another one in Germany and two in Italy.