Paris-listed Bollore SE, which is controlled by the 72-year-old businessman, is “actively working” on developing the plant with a goal of opening around 2030, a company spokesman said Wednesday, confirming a report in Les Echos newspaper that also said the government may provide about €500 million ($534 million) in subsidies.

The plan could cost roughly €2 billion and would depend on conditions such as financing, technology and demand, the spokesman said.

Battery plants are key to European efforts to set up a local electric-vehicle supply chain to rival Asia’s dominance. Carmakers in the region have been trying to secure long-term supplies as they retool their factories to make EVs.

France already has a number of projects underway including a venture led by Stellantis NV and Mercedes-Benz Group AG called Automotive Cells Company SE; startup Verkor’s blueprint for a facility in Dunkirk; and China’s Envision Group’s gigafactory, which is located at Renault SA’s vehicle production site in Douai.

Bollore SE’s Blue Solutions unit is spearheading the project as part of its work on developing solid-state lithium metal polymer batteries. 

Bollore SE is headed by Vincent Bollore’s son, Cyrille, 38, and has a range of operations including oil distribution, vineyards, media and publishing. The company also has stakes in Universal Music Group and conglomerate Vivendi SE, whose chairman is another son, 44-year-old Yannick. 

Vincent Bollore’s net worth is about $9.2 billion, according to the Bloomberg Billionaires Index. He announced his retirement in 2022, but has remained active in the business. 

Vivendi is considering a plan to break up into four separate publicly traded entities. The Bollore clan has also been remaking transport holdings through sales of its logistics and ports assets.