European Gigafactory Moves!

A few months ago I discussed FREYR's decision to shift their Gigafactory focus away from Europe and instead to the US (here) and discussed whether this was a sign of things to come for other European players. 

It's an ongoing discussion I have with industry leaders each week and it appeared that dark clouds were on the horizon. Whether it be material supply complications and financing challenges, the increased competition from the USA (with it's favourable tax incentives), or the continued dominance of China and Asia man manufacturers - European players were struggling to remain a competitive investment in comparison. 

Therefore this news from ACC is wonderful to see. €4.4 Billion in debt fundraising being secured to kickstart the development of 3 new European Gigafactories in France, Germany and Italy. This continues a trend of positive moves this past few months, from the UK publishing its first clear Battery Strategy (including plans for new Gigafactories including JLR-Tata), France continuing developments via Verkor and it's Taiwanese JV (Prologium), and Northvolt committing to its German Gigafactory as it secured a total of €5 billion financing.

It does finally feel like progress is being made, as European financial powerhouses combine with Automotive OEMs to get things moving! With continued focus on ESG criteria, domestic supply chains and manufacturing will become more and more important, so having a healthy supply of locally produced batteries will be important. 

Great to see positive steps being made!

I lead the Energy Storage team at Hyperion Executive Search. We help battery and ESS players to build their teams across Europe, with experience working with Gigafactory developers like LG and Verkor in recent years. If you're looking to build your team, get in touch today!