Enabling EV adoption with the AESC UK Plant 2
To finance its second battery manufacturing plant in the UK, AESC Group Ltd, one of the world's leading battery technology companies, benefitted from Societe Generale’s expertise and experience in this sector.
AESC Group Ltd is one of the world's leading battery technology companies, with more than 15 years of experience producing lithium-ion batteries for Electric Vehicles, OEMs and Energy Storage System clients.
As a pioneer in higher performance lithium-ion battery development, AESC has a proven operational track record and high-quality delivery capability across the world, notably in the UK where its existing manufacturing plant is the most established gigafactory in the UK market. Plant 1 is located near Nissan’s Sunderland vehicle manufacturing plant and has produced more than 9 GWh of cumulative output since commissioning in 2012, representing battery production for over 240,000 EVs.
Supporting our client in the financing of a strategic project
AESC Plant 2, a 15.3 GWH EV Battery Manufacturing Plant in Sunderland, UK, will supply NMC batteries to Nissan Motor Manufacturing (UK) Limited and Jaguar Land Rover Limited to support their electrification strategy.
This is a milestone for the UK’s EV strategy and demonstrates Societe Generale’s deep understanding of the sector coupled with its previous experience, having advised and arranged financing for AESC’s French gigafactory in Douai.
Societe Generale continues its commitment to supporting its clients’ energy transition with this new financing, acting as Underwriter, Bookrunner, Initial MLA and Green Loan Coordinator to the AESC UK Plant 2.
The Project is supported by the UK Government as evidenced by the support from UKEF (Clean Growth / Investment Export Development Guarantee (“EDG”)), the National Wealth Fund (Sovereign-backed Guarantee program), combined with a grant offered under the Automotive Transformation Fund. The financing also benefits from an Export Buyer Credit Insurance guarantee from Sinosure.
We are proud to work with AESC to deliver the first gigafactory project financing in the UK, which has benefitted from strong support from the National Wealth Fund, UK Export Finance and Sinosure. Societe Generale’s deep understanding of the electric vehicle value chain, coupled with our experience working with AESC, were instrumental in delivering the financing. This is another demonstration of Societe Generale’s sustainability objectives and another step towards the energy transition.”
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