Slovakia Grants 214 Million Euros in Aid to Gotion InoBat for Battery Factory with Expected Production Start in 2027

Published: Jun 21, 2024 09:36

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[Slovakia Announces Subsidies for Gotion InoBat Batteries Factory: Total Investment of 1.2 Billion Euros, Expected to Start Production in January 2027] Slovakian Economic Minister Sakova announced on June 20th that the Slovakian government has approved the provision of 214 million euros in state aid to battery company Gotion InoBat Batteries (GIB), of which 150 million euros is a subsidy and 64 million euros is income tax relief. GIB is a joint venture established by Guoxuan Hi-Tech and Slovakian battery manufacturer InoBat. The company plans to invest nearly 1.2 billion euros to build an electric vehicle battery factory in Slovakian Surany. Sakova said that this will be the second largest investment project in Slovakian history. According to the statement, the factory is expected to start production in January 2027 and reach full planned production capacity in June of the same year. All products will be exported to the EU market.

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