International Battery Company raises USD 35M in Pre-Series A round led by RTP Global

International Battery Company (IBC), specializing in large-sized Prismatic NMC batteries, has secured USD 35 Million in Pre-Series A round led by RTP Global, along with contributions from various investors such as Beenext, Veda VC, and strategic Korean and US Investors. This investment is intended to support the development and production of Prismatic Li-ion NMC batteries that ensure safe operation in high temperatures and enable fast-charging.

IBC has its research and development base in Silicon Valley, United States, and manufacturing operations in South Korea. The funds have been directed towards the establishment of a 50 MWh capacity manufacturing plant by IBC, resulting in the production of United Nations 38.3 and BIS-certified battery cells ready for delivery in the Indian market. The funds will also contribute to the establishment of a new 2 GWh lithium-ion Giga factory in Bengaluru, slated to begin production in 2025 following an MoU with the Karnataka government in August 2023. As per IBC, the facility aims to cover 100 acres of land near Bangalore as part of its vision to achieve a production capacity of 10 GWh by 2028.

These batteries address the requirements of India’s EV and energy storage sectors, focusing on safe operation in high temperatures, supporting fast charging, and offering an extended lifecycle with a 7-10 year warranty. IBC has concentrated its product development on batteries for two and three-wheelers, light commercial vehicles, and farm and industrial equipment in the small mobility sector. The company has established collaborative agreements with three partner customers to co-create and supply battery packs, as per the source statement.

Priyadarshi Panda, Founder and CEO, International Battery Company, stated, “This funding is a powerful vote of confidence from our investors, accelerating our vision to transform the EV landscape. As pioneers in giga-scale manufacturing in India, we are setting the pace in the market with precision, innovation, a deep understanding of Indian consumer needs, and a unique product based approach. We’re not just preparing to meet the demand; we’re actively shaping the market, driven by an engineering-first mindset and a sustainable product philosophy. With the EV industry in India on the cusp of a revolution, IBC is poised to lead this energy transformation.”

Nishit Garg, Partner on RTP Global’s Asia investment team, commented, “Our investment in International Battery Company underscores RTP Global’s steadfast and ongoing commitment to sustainable technology investments. It reinforces our strategy of investing in early-stage, innovative ventures and our long-term support for their visionary founders. IBC’s work in EV battery tech aligns perfectly with our mission to back transformative projects that have a positive impact on a global scale.”

Also read: Lithium-ion battery manufacturing in India- current scenario