Automotive Cells Company (ACC) has announced the closing of a €4.4 billion ($4.7 billion / £3.7 billion) debt raising, increasing the funding for the construction of three gigafactories to produce lithium-ion battery cells in France, Germany, and Italy, and for R&D. For ACC, this operation will help accelerate its development while supporting its journey to develop batteries for high-performance, low-carbon EVs.
The announcement follows ACC commencing production for Stellantis in December at its Billy-Berclau Douvrin Gigafactory (France) on schedule. This, itself, will pave the way for further industrial developments to meet demand marked by construction starting on the second block of the French site, before launching the construction of the first block in Germany and the double block in Italy.
The billion-dollar debt package will help finance these capacities and is fully underwritten by a consortium of commercial banks, including BNP Paribas, Deutsche Bank, ING, Intesa Sanpaolo, and supported by Bpifrance, Euler Hermes, and SACE.
Stellantis, Mercedes-Benz, and Saft – the three shareholders of ACC – will work with the company and participate in a capital increase to ensure its success. By the end of March 2024, and with the next capital injection, Stellantis will own 45% of ACC’s shares, with Mercedes-Benz owning 30%, and Saft 25%.
Stellantis and Mercedes-Benz have committed further, as leading shareholders and customers of ACC, by agreeing to modify its capital shareholding and plan to progressively increase their equity stakes in the company. As a long-term shareholder Saft, a wholly owned subsidiary of TotalEnergies, will continue to work with ACC and provide the company with its technological expertise.
