Amara Raja To Invest €10 million In EV Battery Specialist Inobat Auto

Highlights :

  • For Amara Raja, the investment is one more bet on its focus for EV market.
Amara Raja To Invest €10 million In EV Battery Specialist Inobat Auto Amara Raja Batteries Limited Is Now Amara Raja Energy & Mobility Limited

India’s second largest battery maker, Amara Raja Batteries is investing €10 million in InoBat Auto, a Norway based firm focused on research and development in the field of batteries for electric vehicles and production of lithium-ion battery cells as well as tailored and customs cells.

The investment will be in the form of a subscription of 0.04% equity stake and convertible loan in InoBat Auto AS. For Amara Raja, the investment follows an earlier $5 million investment it made in another battery and charging startup in India, Log 9 Materials. Amara Raja had earlier in February, opened a tech hub for Lithium Ion cells in Tirupati. The firm has termed the latest investment as ‘part of the Energy and Mobility strategy Amara Raja is pursuing to foray into new green technologies and solutions through expansion and investment’.

Amara Raja hopes to get a view and entry to the European EV ecosystem with this investment, even as Europe sees a massive push for electric vehicles, and battery manufacturing across the continent.

According to Amara Raja release, “Specifically, the investment will give access expertise that will help deploy the required technologies for manufacture of batteries for E-Mobility applications. The investment will open new R&D avenues for the company while allowing it to adapt InoBat’s highly innovative battery technology to the markets that Amara Raja already serves”.

InoBat is developing a battery R&D production line in Voderady, Slovakia. The next phase of its project will focus on a manufacturing scale-up through a number of gigafactories planned across Europe and globally. It is backed by a strong consortium of partners, including CEZ, one of the major European Utilities and Rio Tinto, the global mining giant, who have made an investment in the company.

InoBat Auto CEO Marian Bocek said the investment announcement of Amara Raja is strategically important for InoBat and its planned gigafactories across various parts of Europe.

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