India's Amara Raja Batteries will invest in Europe-based EV battery maker InoBat Auto.
Amara Raja Batteries Ltd, India’s leading industrial and automotive battery major, will invest in EV battery maker InoBat Auto.
The initial investment will give Amara Raja a key foothold in the thriving European EV ecosystem, where 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 increasing demand for electric vehicles.
This strategic step will significantly enable Amara Raja, which laid out its ambitions in the green technology space as part of its bold ‘Energy and Mobility’ strategy earlier this year, access to expertise that will help deploy the required technologies for the manufacture of batteries for E-Mobility applications. 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.
InoBat specializes in the pioneering research, development, manufacture, and provision of premium innovative electric batteries custom-designed to meet the specific requirements of customers within the automotive, commercial vehicle, motorsport, and aerospace sectors. By adopting a “cradle-to-cradle” strategy within a responsible ESG frame work, InoBat aims to drive the implementation of electric mobility solutions.
InoBat is currently developing a battery research and development center and production line in Voderady, Slovakia and the next phase of the project will focus on a manufacturing scale-up through a number of gigafactories planned across Europe and globally. It is backed by a strong 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.
“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. 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,” said Vikram Gourineni, Executive Director, Amara Raja Batteries.
According to Marian Bocek, Chief Executive Officer of InoBat Auto, the investment 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. We are delighted to be partnering with Amara Raja, who have built successful business and demonstrated experience of introducing contemporary energy storage technologies over the years in emerging markets across Indian Ocean Rim geographies. We are committed to work together to create the most efficient, best value batteries possible to help deliver a sustainable future for all,” said Bocek.