Inobat Auto Establishes Funding Gigafactory worth in €1 Billion

InoBat Auto has announced it has established new funding to build a R&D centre that will help in developing a 10 Gigawatt Hour (GWh) Gigafactory in Slovakia.

"The investment from the Slovakian government has added to the EUR 100 million first-phase fund raising to convey the Gigafactory, which will position state-of-the-art battery technology with the latent to provide an estimated 240,000 electric vehicles with cutting edge batteries by 2024," the company said in a statement.

InoBat Auto is backed by a consortium of investors and technology companies including lead investor IPM Group (IPM) and Wildcat Discovery Technologies, a US energy tech firm backed by Richard Branson’s Virgin Green Fund.

InoBat Auto’s scheduled Gigafactory is anticipated to propel Europe to become a leading global force in the electric vehicle battery industry. The 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 set to address some of the biggest challenges facing the electric vehicle industry. When our second investment round closes next month, we will be able to apply our state-of-the-art technology to produce batteries that will significantly reduce charging time and enhance battery life for electric vehicles,” InoBat Auto Co-Founder Marian Bocek said.