Amara Raja plans to invest in European EV battery group InoBat Auto.
- ByStartupStory | December 31, 2021
Amara Raja Batteries announced that it plans to invest in InoBat Auto, a European technology developer and manufacturer of batteries for e-mobility. The initiative would entail a total investment of 10 million Euros, which includes subscription of 0.04 per cent stake and convertible loan in InoBat Auto AS, Norway, Amara Raja mentioned in its regulatory filing.
InoBat specialises in the pioneering research, development, manufacture, and provision of premium innovative electric batteries custom-designed to meet the specific requirements of customers within the automotive, commercial vehicle, motorsport, and aerospace sectors. The initial investment will give the company a key foothold in the thriving European EV ecosystem, where multiple battery gigafactories are being set up to support the region’s determined EV push, a company statement said.
Executive Director of Amara Raja Batteries, Vikram Gourineni said in a statement, “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. Combining our respective strengths will give Amara Raja a foothold in the booming global EV market”
“We are committed to work together to create the most efficient, best value batteries possible to help deliver a sustainable future for all,” Marian Bocek, Chief Executive Officer of InoBat Auto said.
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