Slovakia Grants $214 Million Subsidies to Gotion InoBat for Battery Factory: Expected to Start Production in 2027

Published: Jun 20, 2024 18:49

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Slovakia Announces Subsidies for Gotion InoBat Batteries Factory: Total Investment of 1.2 Billion Euros, Expected to Commence Production in January 2027" Slovakia's Minister of Economy, Jana Sagova, announced on the 20th that the Slovakian government has approved a national aid of 214 million euros to battery company Gotion InoBat Batteries (GIB), with 150 million euros in subsidies and 64 million euros in income tax relief. GIB is a joint venture formed by Guoxuan High-Tech and Slovakian battery manufacturer InoBat, which plans to invest nearly 1.2 billion euros to build an electric vehicle battery factory in Slurany, Slovakia. Sagova stated that this will be the second largest investment project in Slovakian history. According to the statement, the factory is expected to commence production in January 2027 and reach its full planned capacity by June of the same year, with all products exported to the EU market.

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