Amara Raja Batteries to invest in Solvakia-based EV battery developer InoBat

Tirupati based battery major Amara Raja Batteries Limited has announced plans to invest in InoBat Auto (InoBat), a European technology developer and manufacturer of electric vehicle batteries. Amara Raja had laid out its ambitions in the green technology space as part of its bold ‘Energy and Mobility’ strategy in June 2021 and also made an investment of $5 Million in Bengaluru based advanced battery and fuel cell start-up Log 9 Materials in August 2021.

With this latest investment into InoBat, Amara Raja aims to gain a key foothold in the European EV ecosystem where multiple battery gigafactories are being set up to support the region’s EV push. The investment will also open new R&D avenues for the company while allowing it to adapt InoBat’s battery technology to the markets that Amara Raja already serves.

InoBat specialises in R&D, manufacture, and provision of electric batteries custom-designed to meet the specific requirements of customers within the automotive, commercial vehicle, motorsport, and aerospace sectors. InoBat is currently developing a battery research and development centre and production line in Voderady, Slovakia. The next phase of the project will focus on a manufacturing scale-up through a number of gigafactories planned across Europe and globally. It is backed by a 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 has also been approved for grant financing under the EU sponsored programme, Important Projects for Common European Interest, and already received a grant from the Slovak Government.

Vikram Gourineni, Executive Director, Amara Raja Batteries said, “We are excited to announce our
investment in InoBat. InoBat has proven its capability to develop innovative battery technologies in a
short span of time. Its “cradle-to-cradle” approach supports Amara Raja’s own goals on sustainability
and will help to taper long-term dependence on the import of critical raw materials. We will jointly
explore future opportunities together to adapt the advanced battery technology developed by InoBat
for markets served by Amara Raja. We believe this technology can significantly move the needle and
accelerate India’s own EV ambitions.”

Marian Bocek, Chief Executive Officer of InoBat Auto said, “Today’s announcement is strategically
important for InoBat and its planned gigafactories across various parts of Europe. It shows that unique
collaborative partnerships are vital for driving forward the uptake of E-mobility solutions globally,
including the emerging markets.”

Notably, Amara Raja is a leading manufacturer of automotive batteries under the brands Amaron® and PowerzoneTM and supplies to the likes of Ashok Leyland, Ford India, Honda, Hyundai, Mahindra & Mahindra, Maruti Suzuki, and Tata Motors as well as exports to the countries in the Indian Ocean Rim.