InoBat Auto has secured additional EUR 10m investment to fund the development of a firstof-its kind 100 MWh R&D centre and production line in Slovakia.
The funding has been secured from CEZ Group who will join lead investor IPM Group (IPM), technology investor Wildcat Discovery Technologies and other investors
The investment from CEZ is in the form of a loan, which following subsequent additional investment, will have the potential to be converted into shares. I
The construction of the first phase 100 MWh production line will begin later this year with the first batteries ready for distribution in 2021.
InoBat Auto is also progressing plans to build a 10 GWh Gigafactory with the
potential to provide 240,000 Electric Vehicles with cutting edge, bespoke batteries by 2024.