Amara Raja Batteries to invest in InoBat Auto for e-mobility

Amara Raja Batteries told the media that it plans to invest in InoBat Auto, a European technology developer and producer of batteries for e-mobility. In a regulatory filing on December 28, Amara Raja had said that the initiative would require a total investment of 10 million Euros, which comprises a subscription of 0.04% stake and convertible loan in InoBat Auto AS, Norway. The initial investment will provide the firm with a critical foothold in the booming European EV ecosystem, where multiple battery gigafactories are being installed to help the region's determined EV push, as per the company statement. InoBat specialises in the pioneering research, development, manufacture, and provision of premium innovative electric batteries custom-designed to fulfil the precise needs of customers within the motorsport, commercial vehicle, automotive, and aerospace sectors. It is presently forming a battery research and development centre and production line in Voderady, Slovakia. The next phase of the project will concentrate on a production scale-up via several gigafactories proposed across Europe and globally. It is supported by a strong consortium of partners, comprising CEZ, one of the significant European Utilities and Rio Tinto, the global mining major, who have invested in the firm. InoBat has established its capability to create innovative battery technologies in a short period. Its cradle-to-cradle approach helps Amara Raja's plans on sustainability and will assist in tapering long-term dependence on the import of essential raw materials. Combining their strengths will provide Amara Raja with a foothold in the thriving global EV market, Amara Raja Batteries Executive Director Vikram Gourineni told the media. The firms will explore future opportunities to adapt the advanced battery technology formed by InoBat for markets run by Amara Raja. Image Source Also read: Switch Mobility plans investment outlay of $200 million