InoBat Auto has secured an additional EUR10m (US$11.3m) investment to fund the development of a 100 MWh R&D centre and production line in Slovakia.
The funding has been obtained from CEZ Group, one of Europe’s largest energy companies, who will join lead investor, IPM Group (IPM), technology investor Wildcat Discovery Technologies and other companies.
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The investment from CEZ Group, a conglomerate of more than 100 companies with a market cap of more than EUR10bn, is in the form of a loan, which following subsequent additional investment, will have the potential to be converted into shares.
The construction of the first phase 100 MWh production line will start later this year with the first batteries ready for distribution in 2021. InoBat Auto is also progressing plans to build a 10 GWh gigafactory with the potential to provide 240,000 Electric Vehicles with bespoke batteries by 2024.
“This investment cements our strategic partnership with CEZ Group, one of the most influential energy companies in Europe,” said InoBat Auto co-founder and CEO, Marian Bocek.
“The need to accelerate the electrification of transport is becoming more urgent and through this investment InoBat Auto will be able to deliver customised batteries to electric vehicle manufacturers as early as next year.
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By GlobalData“The investment also proves despite a challenging global situation, significant deals can and must be done if the global economy is to recover as rapidly as possible from this situation.
“It was actually an unprecedented process, since we conducted due diligence via Zoom calls and virtual tours with drones.”
For his part, CEZ board of directors vice chairman, Pavel Cyrani added: “The governments of Czech Republic and Slovakia announced a partnership in electromobility and this is one of the projects that fulfils this initiative.
“Our cooperation with InoBat Auto complements other projects CEZ has in this field, such as the prospective mining of lithium in Krušné Hory that might be used in EV batteries, as well as the possible project of another gigafactory in the Czech Republic.”
Following last month’s announcement of InoBat Auto’s acquisition of the site to build the R&D facility in Voderady, Slovakia, the company will now have access to industrial partners across Europe.
CEZ Group’s funding comes three months after the Slovakian government’s pledge of EUR5m to InoBat Auto.
InoBat Auto is backed by a consortium of investors and technology companies, including lead investor IPM Group (IPM), Matador, AEN, MSM Group and Wildcat Discovery Technologies, a US energy tech firm backed by Virgin’s Green Fund.
