It has been announced that a proposed new €1bn Gigafactory in Slovakia dedicated to producing state-of-the-art battery technology for electric vehicles has received a €100m boost of funding to support the project.
InoBat Auto, a R&D and battery production company providing new energy solutions for electric vehicles, has today secured funding to build an R&D center to support the development of the 10GWh Gigafactory in Slovakia.
The investment from the Slovakian Government has contributed to the EUR 100 million first-phase fundraising to deliver the Gigafactory, which will deploy state-of-the-art battery technology with the potential to provide an estimated 240,000 electric vehicles with cutting edge batteries by 2024.
InoBat Auto’s planned Gigafactory will catapult Europe to become a leading global force in the electric vehicle battery industry. The construction of the first phase 100 MWh production line is expected to begin later this year, with the first batteries ready for distribution towards the end of 2021.
Working in close collaboration with electric-vehicle (EV) manufacturers, InoBat Auto will create a production line of tailor-made batteries to support the sharp rise in global electro-mobility, predicted to grow up to 40 times in the next decade. The company has the potential to support Europe’s bid for tech sovereignty over the battery market for electric vehicles.
InoBat Auto is backed by a strong consortium of investors and technology companies including lead investor, IPM Group (IPM) and Wildcat Discovery Technologies, a U.S. energy tech firm backed by Richard Branson’s Virgin Green Fund.
The investment underscores Slovakia’s desire to become a leader in technology innovation and battery production, as European companies look to catch up with Asian competitors currently dominating the market. Europe is estimated to be five years behind Asia in its battery technology, despite being predicted to be the second largest single market for electric vehicle batteries.
“InoBat Auto is set to address some of the biggest challenges facing the electric vehicle industry. When our second investment round closes next month, we will be able to apply our state-of-the-art technology to produce batteries that will significantly reduce charging time and enhance battery life for electric vehicles,” said Marian Bocek, co-founder of InoBat Auto.