Europe's drive to build a homegrown electric vehicle battery industry is hitting roadblocks as investors shy away from giving startups sufficient funding to challenge the Asian companies that dominate the market.
ACC is aiming for a capacity of 120 GWh by 2030, requiring 7 billion euros in equity, debt and subsidies, but its first gigafactory in northern France is still under construction.
"You don't have to raise billions of dollars, you basically raise money for the offtakes you sign on the back of bankable customers," Bocek said. Chief Executive Graeme Purdy said Ilika would seek a joint venture with a U.S. manufacturer for mass production of the small cells and will take the same approach for its EV battery project "Goliath."
British sodium-ion battery startup Faradion, meanwhile, has chosen a different route, selling out to Indian conglomerate Reliance Industries
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