Slovak battery manufacturer InoBat has raised €100 million (approximately $104 million) in its largest funding round to date. The round, supported by Chinese partner Gotion High Tech, also included contributions from Slovakia’s sovereign wealth fund Lilium, Bromo Capital, IPM Group, Cielo Capital, and strategic investors such as Amara Raja and Rio Tinto. This milestone represents the largest funding ever for a Slovak technology company.
The funding highlights a crucial moment for the European EV battery industry, especially after Swedish EV battery maker Northvolt filed for Chapter 11 bankruptcy in the U.S. The incident has spotlighted challenges within the sector, such as over-reliance on Asian manufacturers and fluctuating demand for EVs in Europe.
In June, Slovakia’s Economy Minister Denisa Sakova announced plans by InoBat and Gotion to invest €1.2 billion in a new EV battery plant. This project will be the second-largest investment in Slovakia’s history and aims to strengthen the country’s automobile sector—a critical component of its economy. Across Europe, nations are aggressively competing to attract investments in EV battery manufacturing to bolster energy independence and sustainability goals.
Andy Palmer, chairman of InoBat’s board, emphasized the company’s strategic focus: “Western Europe has been slow to react to the critical need for battery technology. InoBat has quietly focused on developing high-performance cell technology in partnership with Gotion to produce cost-effective cells.”
InoBat plans to:
Scale production of European-designed battery cells.
Launch an energy storage business in collaboration with Gotion.
Initiate another funding round to expand operations in Slovakia, Serbia, and Spain.
The company’s long-term vision includes exploring growth opportunities in emerging markets while addressing Europe’s critical need for battery innovation.
InoBat’s record-breaking funding round signifies a pivotal step forward in the European EV battery landscape. As the company advances its plans for growth and innovation, it sets the stage for Europe’s transition to a more sustainable and independent energy future. (€1 = $1.037)