InoBat Auto secures 10m euro investment from CEZ Group

A leading European R&D and electric battery production company, InoBat Auto has secured additional 10m euro investment to fund the development of a first-of-its kind 100 MWh R&D centre and production line in Slovakia.

The funding has been secured from CEZ Group, one of Europe’s largest energy companies, who will join lead investor, IPM Group (IPM) – the fastest growing asset managers focused on the InfraTech sector, technology investor Wildcat Discovery Technologies and other investors in supporting InoBat Auto’s bid to catapult Europe to becoming a leading global force in Electric Vehicle battery technology and production.

The investment from CEZ Group will have the potential to be converted into shares and demonstrates the sector’s commitment to delivering clean energy solutions in the face of economic and climate uncertainty. The construction of the first phase 100 MWh production line will begin later this year with the first batteries ready for distribution in 2021. InoBat Auto is also progressing plans to build a 10 GWh Gigafactory with the potential to provide 240,000 Electric Vehicles with cutting edge, bespoke batteries by 2024. 

InoBat Auto will be the first European supplier of customised batteries to the Electric Vehicle market. ‘High throughput’ (HTP) R&D technology, provided through partner Wildcat Discovery Technologies, tests multiple variations of battery chemistry, applying artificial intelligence (AI) to outcomes to select the optimum composition to meet the performance requirements of the vehicle manufacturer. R&D output can then be quickly scaled up to produce customised batteries that can then be produced cost effectively, and at scale.

Marian Bocek, co-founder and CEO, InoBat Auto commented: “This investment cements our strategic partnership with CEZ Group, one of the most influential energy companies in Europe. The need to accelerate the electrification of transport is becoming more urgent and through this investment InoBat Auto will be able to deliver state-of-the-art, customised batteries to Electric Vehicle manufacturers as early as next year, something which no other company in Europe can offer.”