Slovak start-ups raise 10 million euros to produce customized batteries for electric vehicles

Published: Jul 7, 2020 08:39

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SMM: according to reports, InoBat Auto, a battery research and production company headquartered in Bratislava, the capital of Slovakia, said it successfully raised 10 million euros (about 79.467 million yuan) in a round of financing led by infrastructure technology asset management companies IPM Group, CEZ Group, Wildcat Discovery Technologies and other investors. The move comes three months after the start-up received 5 million euros from the government.

CEZ Group is a consortium of more than 100 companies with a market capitalization of more than 10 billion euros. The investment in InoBat Auto is in the form of a loan, which could be converted into stock after a subsequent additional investment. At the same time, the investment also shows that the auto industry remains committed to providing clean energy solutions in the face of economic instability. InoBat Auto will use the new funds to build a "unique" R & D center and a 100 MWh battery production line in Slovakia. , InoBat Auto bought the Voderady plant last month and will begin construction later this year, with the first batteries on the market in 2021. In addition, the company plans to build a super factory with a capacity of 10 GWh by 2024, with the aim of providing "state-of-the-art customized batteries" for 240000 electric vehicles.

InoBat Auto will become the first European supplier of customized batteries for the electric vehicle market. The company partnered with Wildcat Discovery Technologies on "High Throughput (HTP) R & D Technology" to test various variants of battery chemical composition and use artificial intelligence (AI) technology to select the best battery composition to meet the performance requirements of automakers. Then, we can rapidly expand the scale of research and development, produce customized batteries, and achieve efficient and large-scale battery production.

This strategic partnership can also benefit from the rich industrial atmosphere and strong automotive industry in Slovakia, which is the country with the highest concentration of automobile production in the world. Now, InoBat Auto is looking to build on the existing automotive and energy industries in Central and Eastern Europe. The company's goal is to accelerate the spread of electric mobile travel solutions in Europe by developing fully integrated value chains, thereby enhancing the global competitiveness of the European economy and providing a long-term sustainable solution for the automotive market.

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