Bratislava, January 31, 2024 - The Slovak company InoBat, specializing in research, development, and production of batteries for electric vehicles, has gained another notable investor—Slovak Investment Holding (SIH). SIH's long-term goal is to support public and private investments in strategic sectors in Slovakia. In the case of InoBat, SIH has decided on a significant strategic investment of 12 million euros in the form of a capital increase. SIH has joined the investors in the ongoing Series C investment round, intending to support sufficient fundraising for InoBat ‘s vision.
The entire 12 million € investment will be used in Slovakia, supporting research, development, and innovation in batteries and expansion plans in Voderady.
InoBat CEO Marián Boček explained that the negotiation process between SIH and InoBat began last summer, with the investment decision finalized in December.
"We are very pleased that SIH has placed such great trust in us. For the Slovak and European battery market, this represents another significant milestone, opening doors to new possibilities in the future. This strategic investment will help us achieve our goals, expand market reach, increase capacities, and capitalize on new opportunities presented by the market."
"We are investing in the future of Slovakia and InoBat provides us with a unique opportunity to support innovative technologies and move Slovakia closer to a central role in the European electric vehicle sector. We also expect socio-economic benefits, especially in terms of know-how and employment. We believe that the development and progress in the field of electromobility will make a significant contribution to a sustainable future, helping us to accelerate the path to carbon neutrality and thus contributing to the vision of reversing climate change," Slovak Investment Holding declared.
The investment holds significant strategic importance for both companies, serving as a necessary catalyst for InoBat's expansion plans. It will advance the finalization of the existing research and development center and pilot production line for batteries in Voderady (Volta I), with battery production scheduled for the first quarter of this year. The investment will also expedite the construction of the second project phase (Volta II), located adjacent to the existing InoBat facility in Voderady.
InoBat is one of the few projects to have obtained the European Battery Innovation Important Project of Common European Interest (IPCEI) status from the European Commission. This important step confirms the project's credibility at the European level and strengthens its position in the field of innovation and sustainable development.
InoBat specialises in pioneering research, development, design, manufacturing, supply and recycling of innovative electric batteries custom-designed to meet the specific scope and requirements of global mainstream and specialist OEMs and energy sector participants. InoBat’s sector focus is on the automotive, commercial vehicle, motorsport, and aerospace sectors. InoBat provides innovative solutions across the entire value chain thanks to its “C2C” circular value-chain InoBat is backed by a strong consortium of strategic investors and partners such as Rio Tinto, Gotion, Amara Raja, and the International Finance Corporation of the World Bank Bank, and it original sponsors the IPM Group, Avanea and Across. InoBat achieved R&D grant financing under the EU sponsored programme, Important Projects for Common European Interest (IPCEI), and additional support from the Slovak Government.
About Slovak Investment Holding
SIH is a 100 % state-owned joint stock company. Its primary mission is to support strategic public and private investments in Slovakia in the areas of infrastructure, energy efficiency, waste management, social economy, small and medium-sized enterprises, and cultural and creative industries. It draws funds for the implementation of investments primary from the European Structural and Investment Funds. SIH finances projects exclusively in a repayable form, i.e. through financial instruments and not through grants.