ACC Kicks Off First Gigafactory in France, Secures €4.4 Billion Debt Package
Automotive Cells Company (ACC) has kicked off production at its first gigafactory in France, on schedule. The company, a joint venture between Stellantis, Mercedes-Benz, and TotalEnergies, has raised a significant debt package to fund its expansion plans.
ACC began production at its Billy-Berclau Douvrin Gigafactory in France last December. The company aims to build three more gigafactories in Germany and Italy, with construction set to start soon.
The debt package, fully underwritten by a consortium of commercial banks, amounts to 4.4 billion euros. This funding will support the construction of the three gigafactories and research and development efforts. Yann Vincent, CEO of ACC, underscored the importance of robust and reliable European players like ACC in the transition to electric vehicle electrification.
Stellantis and Mercedes-Benz have shown their commitment by working with ACC and participating in a capital increase. By the end of March 2024, Stellantis will own 45% of ACC's shares, Mercedes-Benz 30%, and Saft 25%. The leading shareholders, supported by Stellantis, Mercedes-Benz, and TotalEnergies, represent the nationalities of France and Germany.
ACC's successful start of production in France marks a significant step in its expansion plans. With the fully underwritten debt package and the commitment of its shareholders, ACC is well-positioned to build its gigafactories in Germany and Italy. The company's focus on robust and reliable European players in the electric vehicle sector is a testament to its dedication to the industry's future.
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