Amara Raja Batteries on Wednesday said it plans to invest in InoBat Auto, a European technology developer and manufacturer of batteries for e-mobility.
In a regulatory filing on December 28, Amara Raja had noted that the initiative would entail a total investment of 10 million Euros, which includes a subscription of 0.04 per cent stake and convertible loan in InoBat Auto AS, Norway.
The initial investment will give the company a key foothold in the thriving European EV ecosystem, where multiple battery gigafactories are being set up to support the region’s determined EV push, a company statement said.
InoBat specialises in the pioneering research, development, manufacture, and provision of premium innovative electric batteries custom-designed to meet the specific requirements of customers within the automotive, commercial vehicle, motorsport, and aerospace sectors.
It is currently developing a battery research and development centre and production line in Voderady, Slovakia. The next phase of the project will focus on a manufacturing scale-up through several gigafactories planned across Europe and globally.
It 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 invested in the company.
“InoBat has proven its capability to develop innovative battery technologies in a short 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.
“Combining our respective strengths will give Amara Raja a foothold in the booming global EV market,” Amara Raja Batteries Executive Director Vikram Gourineni stated.
The companies will jointly explore future opportunities together to adapt the advanced battery technology developed by InoBat for markets served by Amara Raja, he added.
Amara Raja believes this technology can significantly move the needle and accelerate India’s own EV ambitions, Gourineni noted.
“We are committed to working together to create the most efficient, best value batteries possible to help deliver a sustainable future for all,” Marian Bocek, Chief Executive Officer of InoBat Auto said.