February 6, 2025: The European Commission has approved state-aid support worth €48 million ($50 million) for AESC, majority-owned by China-based Envision Energy, to build an EV battery gigafactory in France.

The Commission said on January 31 Envision AESC would not go ahead with the project in Douai without the financial support and had given the green light for the French government’s proposal for grant aid.

France said its grant would support the first phase of the lithium ion battery plant, which is set to have an annual production capacity of 9 GWh in its first phase.

The announcement came just over a year after the European Investment Bank confirmed an investment of €450 million to build the gigafactory.