India-based Amara Raja Batteries has announced plans to invest in InoBat Auto, a European technology developer and manufacturer of premium innovative batteries for E-mobility.
The initial investment will give Amara Raja a foothold in the European EV market which is seeing a rising need to address increasing demand for electric vehicles.
This move will enable Amara Raja to have access to expertise that will help deploy the required technologies for the manufacture of batteries for E- Mobility applications. The investment aims to open up 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.
InoBat specialises in the research, development, manufacture, and provision of electric batteries designed to meet the specific requirements of customers within the automotive, commercial vehicle, motorsport, and aerospace sectors. It is currently developing a battery research and development centre and production line in Voderady, Slovakia and the next phase of the project will focus on a manufacturing scale-up through a number of giga-factories planned across Europe and globally.
InoBat is supported by a consortium of partners, including European utility company CEZ and Rio Tinto who have investments in the company.
Vikram Gourineni, executive director, Amara Raja Batteries says, “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. We will jointly explore future opportunities together to adapt the advanced battery technology developed by InoBat for markets served by Amara Raja. We believe this technology can significantly move the needle and accelerate India’s own EV ambitions.”
Marian Bocek, chief executive officer, InoBat Auto says: “Today’s announcement is strategically important for InoBat and its planned giga-factories 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.”