InoBat has secured funding to build an R&D centre to support the development of a 10GWh gigafactory in Slovakia for battery technology.
The investment from the Slovakian Government has contributed to the EUR100m (US$111m) first-phase fundraising to deliver the gigafactory, which will deploy battery technology with the potential to supply an estimated 240,000 EVs by 2024.
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.
InoBat Auto is backed by a consortium of investors and technology companies including lead investor, IPM Group (IPM) and Wildcat Discovery Technologies.
InoBat maintains 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,” said InoBat co-founder, Marian Bocek.
“When our second investment round closes next month, we will be able to apply our technology to produce batteries that will significantly reduce charging time and enhance battery life for electric vehicles.”