Amara Raja Energy & Mobility, India’s leading battery manufacturer, has further invested EUR 20 million in European battery company InoBat, raising an additional 4.5% equity stake in the company. With the latest investment, Amara Raja Energy & Mobility’s total holding will be around 9.32% of its equity stake in InoBat, including its previous investment of EUR 10 million.
Slovakia-based InoBat is focused on research, development, and production of electric vehicle (EV) batteries customized to meet the specific requirements of global mainstream and specialist original equipment manufacturers within the automotive, commercial vehicle, motorsport, and aerospace sectors, and has shown significant growth in the recent times.
InoBat is in a pre-revenue stage and intends to raise funds to complete its pilot plant. It also plans to set up Giga factories.
Vikramadithya Gourineni, executive director of Amara Raja, stated, “InoBat’s innovative approach to battery technology complements our mission to deliver sustainable and cutting-edge energy solutions. Together, we aim to accelerate the transition to electric mobility and contribute significantly to global sustainability goals.”
Amara Raja is setting up one of India’s largest gigafactories for Li-ion cell and battery pack manufacturing, the first phase of which is slated to be functional this year.
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