ACC has taken out a 4.4 billion euro loan to support the building of three gigafactories for lithium-ion battery cell manufacture in France, Germany, and Italy, as well as R&D. Stellantis, Total, and Mercedes-Benz will also provide new money, resulting in a shift in ownership structure.
Automotive Cells Company claims that the €4.4 billion obtained is “one of Europe’s largest-ever debt raisings in this industry” to create four “blocks of production” in addition to the one now in operation in Billy-Berclau/Douvrin, France. ACC is apparently planning to develop a second block in Douvrin, as well as another in Kaiserslautern, Germany, and Termoli, Italy.
By 2030, Stellantis, Total, and Mercedes-Benz will aim for total battery cell capacities of at least 120 GWh, as of September 2021. The Termoli facility will have a capacity of 40 GWh, and ACC is working on increasing the French and German plants to 40 GWh apiece to finish the bill.
The current production capacity at Douvrin is set at more than 13 GWh per year and is due to be completed by the end of 2024. With five of these blocks, ACC would have an annual capacity of 65 GWh; thus the previously announced expansion with additional production blocks.
The debt package will contribute to financing these capacities and is fully underwritten by a consortium of commercial banks, BNP Paribas, Deutsche Bank, ING, Intesa Sanpaolo, and supported by Bpifrance, Euler Hermes, and SACE.
Stellantis, Mercedes-Benz and Total subsidiary Saft also participated in a capital increase (of undisclosed value). By the end of March 2024 and with the subsequent capital injection, Stellantis will own 45% of ACC’s shares, Mercedes-Benz 30% and Saft 25%.
Both carmakers behold, this confirmed their “commitment as leading shareholders and customers of ACC’s battery modules”. Saft will continue working with ACC as a long-term shareholder and for technological know-how.
Commenting on the loan, Yann Vincent, CEO of ACC, said, “clear evidence of the confidence that is placed in the ACC project. Beyond this operation, we will determine our needs as and when we conclude additional contracts.”
ACC was created by Total and Stellantis in 2020, with Mercedes joining one year later. Apart from the Gigafactory in France, ACC also runs an R&D center operational since 2020 in Bruges, near Bordeaux, and an Industrial Excellence Center in Nersac, in the New Aquitaine region. The company employs more than 1,500 people in France, Germany, and Italy. It also has received support from all three states and the European Union.
