InoBat Auto raises EUR 10m in funding from CEZ

Photo: Slovenia's Hidria

July 6 (Renewables Now) - Slovakia-based electric vehicle (EV) battery maker InoBat Auto last week said it has raised EUR 10 million (USD 11m) in funding from CEZ Group for a research and development (R&D) facility and production line.

CEZ is one of the big utilities in Central and Eastern Europe, with plans to build energy storage capacity and charging infrastructure for electric vehicles (EV) at home and in other parts of Europe. It is the latest investor in InoBat, joining investment manager IPM Group and US energy technology firm Wildcat Discovery Technologies.

The latest investment is in the form of a loan convertible into equity. The press release mentions an expected "subsequent additional investment".

The total investment in the 10-GWh facility planned by InoBat is expected to reach EUR 1 billion. Тhe Slovakian firm aims to be able to produce batteries for about 240,000 electric vehicles (EVs) annually by 2024. It plans to start building the first phase 100-MWh production line later this year, with the first batteries to be ready for distribution in late 2021.

In March, InoBat said that the Slovakian government has also provided funding as part of the EUR-100-million first-phase fundraising for the project. In June, the company said it has acquired the site to build the R&D facility in Voderady, Slovakia.

(EUR 1.0 = USD 1.131)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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