Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Slovakia's InoBat eyes electric vehicle battery plant in Serbia

Published 14/11/2022, 07:02
Updated 14/11/2022, 11:42
© Reuters. FILE PHOTO: A sign is pictured on an electric car charging station at the United Nations in Geneva, Switzerland June 2, 2017. REUTERS/Denis Balibouse

© Reuters. FILE PHOTO: A sign is pictured on an electric car charging station at the United Nations in Geneva, Switzerland June 2, 2017. REUTERS/Denis Balibouse

By Nick Carey

LONDON (Reuters) - Slovakian battery maker InoBat said on Monday it has signed declarations of intent with the Serbian government to build an electric vehicle (EV) battery factory in the Balkan country with a capacity of up to 32 gigawatt hours (GWh).

The plant would open with an initial capacity of 4 GWh in 2025.

The Serbian government has agreed to provide funding of up to 419 million euros ($431 million) including grants and tax incentives to support the project, InoBat said.

Although the agreement is not final, a source familiar with the matter said it is close to being so.

InoBat has said it wants to build a gigafactory in western Europe and one in eastern Europe.

Last month InoBat said it had signed a declaration of intent with Spain's government to build a gigafactory in Valladolid. The declaration is not a finalised agreement and other locations, including the United Kingdom, remain under consideration for InoBat's western European factory.

Some European battery startups have struggled to raise billions for huge gigafactories, while others like InoBat are focused on expanding slowly as they land customers contracts.

InoBat will open a 45 megawatt-hour (MWh) pilot line in Bratislava early next year to produce high-performance batteries for customers to test and says it has signed customer agreements, including with German air taxi developer Lilium worth 500 million euros by 2030.

The company aims to build battery production capacity in 4 GWh increments starting in 2025 - costing around 350 million euros each - as contracts are signed.

InoBat also plans a research & development facility in Indiana, which could expand into a gigafactory, in a joint venture with fintech company Ideanomics.

Ideanomics is an investor in InoBat, as is mining group Rio Tinto (LON:RIO).

© Reuters. FILE PHOTO: A sign is pictured on an electric car charging station at the United Nations in Geneva, Switzerland June 2, 2017. REUTERS/Denis Balibouse

(This story has been officially corrected to remove reference to Czech utility CEZ in last paragraph because it is no longer an investor in InoBat)

($1 = 0.9719 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.