Amara Raja expands stake in Slovakian battery technology firm InoBat AS
Amara Raja Energy & Mobility Limited (ARE&M), a frontrunner in battery manufacturing in India, has announced an additional investment of EUR 20 million in InoBat AS, a Slovakian company that specializes in advanced battery technology. This investment increases ARE&M’s total equity stake in InoBat AS to approximately 9.32%, inclusive of an earlier investment of EUR 10 million.
InoBat is distinguished by its focus on the research, development, and production of customized batteries for electric vehicles, catering to the nuanced demands of mainstream global and specialist Original Equipment Manufacturers (OEMs) in the automotive, commercial vehicle, motorsport, and aerospace sectors. This strategic partnership is pivotal as InoBat has demonstrated substantial growth and innovation, positioning itself as a leader in the battery technology sector.
Amara Raja Energy & Mobility Limited has announced an additional investment of EUR 20 million in InoBat AS
The investment is a testament to Amara Raja’s commitment to propelling sustainable energy solutions and expanding its influence in the energy and mobility domain. Aligned with this vision, Amara Raja is also in the process of establishing one of India’s largest gigafactories for Lithium-ion cell and battery pack manufacturing, with the initial phase expected to become operational within the current year.
Vikramadithya Gourineni, the Executive Director of Amara Raja, emphasized the significance of this collaboration, stating, “Our investment in InoBat underscores our commitment to being at the forefront of the energy revolution. InoBat’s innovative approach to battery technology complements our mission to deliver sustainable and cutting-edge energy solutions. Together, we aim to accelerate the transition to electric mobility and contribute significantly to global sustainability goals.”
This strategic enhancement of Amara Raja’s stake in InoBat marks a significant move towards integrating advanced energy storage solutions with sustainable manufacturing practices. The synergy between Amara Raja’s manufacturing capabilities and InoBat’s technological innovations is expected to drive significant advancements in the electric vehicle sector, fostering a more sustainable future.