Slovak battery manufacturer InoBat has successfully raised €100 million in its latest funding round, marking the largest investment ever secured by a Slovak technology company. This significant financial boost comes with backing from Chinese partner Gotion High Tech, Slovakia’s sovereign wealth fund, and other notable investors, including Amara Raja and Rio Tinto.
Strategic Partnerships and Future Plans
InoBat’s chairman, Andy Palmer, emphasized the company’s commitment to advancing battery technology through strategic partnerships. The recent investment is set to enhance production capabilities and initiate an energy storage business in collaboration with Gotion. Looking ahead, InoBat plans to seek further investments to expand operations in Slovakia, Serbia, Spain, and other regions in the coming year.
This development follows concerns about the European electric vehicle (EV) battery industry’s future, highlighted by Northvolt’s recent Chapter 11 bankruptcy filing in the U.S. Slovakia’s Economy Minister had previously announced that Gotion and InoBat would invest €1.2 billion in a new EV battery plant, a significant investment for the country’s economy, where automobile production is crucial.
