Automotive Cells Company (ACC), the European auto battery manufacturer backed by Stellantis, Mercedes, and TotalEnergies, has finalised a finance agreement for establishing three gigafactories across France, Germany, and Italy.
With a bank loan of €4.4 billion out of the total €7 billion needed, this marks one of the largest debt fundraising efforts in Europe's automotive sector.
"This deal with the banks reflects the very high level of confidence of these lenders in the ACC project," ACC managing director Yann Vincent told Reuters.
BNP Paribas served as the exclusive financial advisor, with funding also including contributions from other major banks and institutions.
This financial boost will support the construction of four new production lines, adding to ACC's existing lithium-ion battery production in France.
Further financial support will come from public subsidies and additional investments by ACC's shareholders, leading to Stellantis, Mercedes-Benz, and Saft (TotalEnergies' subsidiary) holding 45%, 30%, and 25% stakes in ACC, respectively.