Renault-Nissan Alliance, the French Atomic Energy Commission (CEA) and the French Strategic Investment Fund (FSI) have signed a letter of intent to work toward establishing a joint venture company to develop and manufacture batteries for electric vehicles.
The new joint venture company would work under the patronage of Christian Estrosi, the French Minister for Industry. In addition, the company would focus on advanced research, manufacturing and the recycling of electric vehicle batteries, and to plans to begin production of batteries from mid 2012 at the Renault Flins plant, in Paris.
The French government-funded technological research organization, CEA, is active in energy, information and health technologies and defense and security.
The first phase of the project is estimated to cost €600 millions. In 2008, Renault Nissan Alliance sold 6,090,304 vehicles.
Meanwhile, the European Investment Bank (EIB) is making an allowance for a loan of up to 50% of the €280 million debt financing.
Carlos Ghosn, Chairman and CEO of Renault and Nissan, said “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.”
In 2007, Renault launched the Renault eco² signature to identify its most ecological and economical vehicles. Renault eco² vehicles fulfill three ecological criteria in production, CO2 emissions and recycling.
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