The FSI will inject approximately 125 million euros in the project, while the European Investment Bank (EIB) is currently studying the possibility to contribute with a loan of up to 50 percent, which represents approximately 280 million euro debt financing.
According to the official press statement, the deal between Renault, Nissan, CEA and FSI would have as primary objective the research, manufacturing and recycling of electric vehicle batteries.
“Realizing the potential of zero-emission mobility on a mass scale requires unique collaboration between public and private sectors," said Carlos Ghosn, Chairman and CEO of Renault and Nissan. "We welcome the vision and commitment made today by the French government, the CEA and the FSI to invest with the Renault Nissan Alliance in the future of clean transportation.”
The joint venture will thus start production of batteries from mid-2012 at the Renault Flins plant, with annual capacity estimated 100,000 units per year. What's interesting is that the batteries resulted from the joint venture will be available for sale to any manufacturer, but the Renault-Nissan alliance plans to use them at plans in France, the UK and Portugal for its very own vehicles sourced from Europe and Turkey.
"Bringing its strong know-how in the field of CO2-free energy technologies for a sustainable development, the CEA will be a key contributor for the the R&D programs of the joint-venture. Our partners can count on the full support of the CEA research teams in its challenging ambition to lead the electric vehicle market," Bernard Bigot, Chairman of CEA added.