March 4 (Renewables Now) - InoBat Auto, the Bratislava-based battery maker with plans for a 10-GWh plant, has secured funding from the Slovakian government for a research and development (R&D) facility.
This forms part of the EUR-100-million (USD 111.8m) first-phase fundraising in support of the ambitious Gigafactory project, InoBat said on Monday.
The total investment in the facility is expected to reach EUR 1 billion. Тhe Slovakian firm aims to be able to produce batteries for about 240,000 electric vehicles (EVs) annually by 2024. It plans to start building the first phase 100-MWh production line later this year, with the first batteries to be ready for distribution in late 2021.
“InoBat Auto is set to address some of the biggest challenges facing the electric vehicle industry. When our second investment round closes next month, we will be able to apply our state-of-the-art technology to produce batteries that will significantly reduce charging time and enhance battery life for electric vehicles,” said Marian Bocek, co-founder of InoBat Auto.
Among InoBat’s investors are investment manager IPM Group and US energy technology firm Wildcat Discovery Technologies.
(EUR 1.0 = USD 1.118)