Companies

Amara Raja to invest in e-mobility battery developer InoBat Auto

BL Mumbai Bureau | | Updated on: Dec 29, 2021
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The planned investment is to get a foothold into the thriving European EV ecosystem.

Amara Raja Batteries today announced plans to invest in InoBat Auto, a European technology developer and manufacturer of batteries for E-mobility. The initial investment has been planned to give a key foothold in the thriving European EV ecosystem. Multiple battery gigafactories are being set up to support the region’s determined EV push, including in the UK, which is seeing a rising need to address the increasing demand for electric vehicles.

“The investment thereby will open new R&D avenues for the company while allowing it to adapt InoBat’s highly innovative battery technology to the markets that Amara Raja already serves.” said the press note.

InoBat is currently developing a battery research and development centre and production line in Voderady, Slovakia. The project’s next phase will focus on a manufacturing scale-up through several gigafactories planned across Europe and globally. It is backed by a consortium of partners, including CEZ, one of the major European Utilities and Rio Tinto, the global mining giant, who have made an investment in the company.

Vikram Gourineni, Executive Director, Amara Raja Batteries said, “We are excited to announce our investment in InoBat. InoBat has proven its capability to develop innovative battery technologies in a short span of time. Its “cradle-to-cradle” approach supports Amara Raja's own goals on sustainability and will help to taper long-term dependence on the import of critical raw materials. Combining our respective strengths will give Amara Raja a foothold in the booming global EV market."

Marian Bocek, Chief Executive Officer of InoBat Auto said, “Today’s announcement is strategically important for InoBat and its planned gigafactories across various parts of Europe. It shows that unique collaborative partnerships are vital for driving forward the uptake of E-mobility solutions globally, including the emerging markets. Furthermore, it paves the way for our further expansion and the application of our own “cradle-to-cradle” approach."

Published on December 29, 2021

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