The Renault-Nissan Alliance took another step towards its goal of delivering mainstream electric vehicles yesterday, signng a deal with the French Atomic Energy Commission and the French Strategic Investment Fund (FSI) to set-up a joint venture to manufacture batteries for use in electric cars.
Batteries produced by the joint venture will be available for sale to any manufacturer, but will also be used power Renault-Nissan's planned fleet of electric vehicles which the coalition aims to bring to market by 2012.
Carlos Ghosn, chief executive of Renault-Nissan, said that the deal was an example of the type of public-private partnership that will be needed to finance the rapid roll out of electric vehicles.
'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,' he said.
Under the deal, the FSI will invest €125 million in the €600 million venture, while the European Investment Bank is also considering stumping up a €140 million loan for the project.
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