Home-grown battery manufacturer, Amara Raja Batteries has announced its intent to invest in InoBat Auto, a European technology developer and battery manufacturer for E-mobility.
The initial investment will give Amara Raja a key foothold in the European EV ecosystem, where multiple battery gigafactories are being set up to support the region’s determined EV push, including in the UK, which is seeing a rising need to address increasing demand for electric vehicles, said the company.
Subsequently, the investment is likely to open new R&D avenues for the company even as it adapts InoBat’s battery technology to the markets that Amara Raja already serves. InoBat is currently developing a battery R&D centre and production line in Voderady, Slovakia.
Post this, the project will focus on a manufacturing scale-up through a number of gigafactories planned across Europe and other countries globally.
The company aims to drive the implementation of electric mobility solutions by adopting a “cradle-to-cradle” strategy within a responsible ESG frame work, it said.
InoBat is backed by a strong consortium of partners, including CEZ, one of the major European Utilities and Rio Tinto, the global mining giant, who have made an investment in the company.
Vikram Gourineni, Executive Director, Amara Raja Batteries said InoBat has proven its capability to develop innovative battery technologies in a short span of time. “Its ‘cradle-to-cradle’ approach supports Amara Raja's own goals on sustainability and will help to taper long-term dependence on the import of critical raw materials,” he said. Gourineni said the two companies will jointly explore future opportunities together to adapt the advanced battery technology developed by InoBat for markets served by Amara Raja. He believes this technology can significantly move the needle and accelerate India’s own EV ambitions.
Marian Bocek, Chief Executive Officer, InoBat Auto said the announcement is strategically important for InoBat and its planned gigafactories across various parts of Europe. “It shows that unique collaborative partnerships are vital for driving forward the uptake of e-mobility solutions globally, including the emerging markets. We are committed to work together to create the most efficient, best value batteries possible to help deliver a sustainable future for all,” he added.