Chinese VW-baked Gotion has acquired a 25% stake in Bratislava-based EV battery startup InoBat. This is the first investment by a Chinese battery maker in European startups. The amount of the deal was not disclosed.
- Launched in 2019, InoBat specializes in the research, development, design, manufacturing, supply, and recycling of electric batteries. InoBat focuses on the automotive, commercial vehicle, motorsport, and aerospace sectors.
- The startup is supported by investors and partners such as Rio Tinto, Amara Raja, Ideanomics, the International Finance Corporation of the World Bank. In addition, InoBat has signed declarations of intent with the governments of Spain and Serbia to build EV battery plants, but those agreements are not final.
- Gotion High Tech was founded in May 2015. It specializes in the development and manufacture of power batteries for energy vehicles, energy storage applications, power transmission, and distribution equipment. The company has cooperation with Volkswagen, Tata Group, Vinfast, and Jinko.
- The acquisition is the first such major investment by a Chinese battery maker in a European startup. Its main goal is to accelerate R&D across the battery value chain including scaleup, structuring and financing templates.
“Our partnership with Gotion High Tech heralds a new era in significant value creation through collaborative win-win alliances, helping to close the gap between Asian battery leaders and the rest of the world. GIB will nurture and grow InoBat‘s strategic premise and ethos for customized bespoke R&D to deliver safe high performance batteries and green energy solutions,”
Mr. Marian Bocek, co-founder and CEO of InoBat, added.
- The companies didn’t disclose the terms of the investment and InoBat’s valuation.
