Construction News

Tue July 07 2020

Slovakia to be home to €1bn battery ‘gigafactory’

3 Mar InoBat Auto has secured funding for the €100m first phase of a planned €1bn ‘gigafactory’ targeting the annual production of batteries for 240,000 electric vehicles.

The R&D and battery production company has secured funding to build an R&D centre to support the development of a 10GWh Gigafactory in Slovakia – the world’s biggest car producer per capita. The construction of the first-phase 100MWh production line is expected to begin later this year, with the first batteries ready for distribution towards the end of 2021.

The Slovakian government has contributed to the first-phase fundraising. InoBat Auto said that the factory could provide an estimated 240,000 electric vehicles with batteries by 2024.

InoBat Auto hopes that its planned gigafactory will catapult Europe to become a leading global force in the electric vehicle battery industry.

The company will work in collaboration with electric-vehicle (EV) manufacturers, to create a production line of tailor-made batteries to support the sharp rise in sales.

InoBat Auto is backed by a strong consortium of investors and technology companies including lead investor, IPM Group (IPM) and Wildcat Discovery Technologies, a US energy tech firm backed by Richard Branson’s Virgin Green Fund.

“InoBat Auto is set to address some of the biggest challenges facing the electric vehicle industry,” said InoBat Auto co-founder Marian Bocek. “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.”

Got a story? Email news@theconstructionindex.co.uk

MPU

Click here to view more construction news »