The investment is part of an energy and mobility strategy, with Amara Raja entering new green technologies and solutions through expansion and investment.
Amara Raja Batteries is investing 10 million euros in Innobat Auto, a European conglomerate focused on research and development in the field of batteries for electric vehicles and lithium-ion battery cells as well as customized and custom cells. produces.
Consisting of a 0.04% equity stake in Innobat Auto AS, Norway and a subscription to convertible debt, the investment is part of an energy and mobility strategy, with Amara Raja striving to enter new green technologies and solutions through expansion and investment.
The initial investment will give Amara King a foothold in the thriving European EV ecosystem, with a number of battery gigafactories being set up to support the region’s scheduled EV push, including the UK, which is increasingly needed to meet growing demand for electric vehicles. is looking into, the company said in a statement.
Notably, the investment will provide Access expertise that will help deploy the technologies needed to manufacture batteries for e-mobility applications. This investment will open new R&D avenues for the company, while allowing Innobat’s highly innovative battery technology to be adapted to the markets Amara Raja is already available.
InoBat is developing a battery R&D production line in Voderadi, Slovakia. The next phase of its project will focus on manufacturing scale through multiple gigafactories planned across Europe and globally. It is backed by a strong consortium of partners, including CEZ, one of the major European utilities, and global mining giant Rio Tinto, who have invested in the company.
“The combination of our respective strengths will help Amara Raja gain a foothold in the rapidly growing global EV market. We will jointly explore future opportunities to adapt the advanced battery technology developed by Innobat to the markets that Amara Raja serves,” said Executive Director Vikram Gaurineni.
Marion Bosek, CEO of Innobat Auto, said that Amara Raja’s investment announcement is strategically important for Innobat and its planned Gigafactories in various parts of Europe.
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