Slovakia-based battery maker InoBat has raised €100 million in equity funding. The investment came from strategic investors Amara Raja and Rio Tinto, with significant contributions from SIH (Slovakia’s sovereign wealth fund), Lilium, Bromo Capital, IPM Group, and Cielo Capital.
Gotion, the Chinese battery cell maker, backed by the Volkswagen Group, also cements its partnership with InoBat by becoming a cornerstone investor in the round.
This investment has hit the headlines less than a month after Northvolt, the Swedish maker of battery cells for electric vehicles, filed for Chapter 11 bankruptcy protection in the US due to concerns about the future of Europe’s EV battery industry.
What’s next for InoBat?
Over the next year, InoBat aims to ramp up production of European-designed battery cells, start an energy storage business in partnership with Gotion, and launch another investment round to support the scaling of its operations in Slovakia, Serbia, and Spain and accelerating growth in new regions.
Makes high-performance NMC battery cells
InoBat was founded by Marian Bocek, Faysal Sohail, Jozef Urban, and Marian Goga in 2019. The company released its latest battery cell technology, demonstrating promising results in testing with customers. The company’s facilities include research and development laboratories, a semi-automatic pilot line, and an integrated laboratory. InoBat’s batteries are designed to be fully variable and rapidly adaptable.
Milestones achieved
InoBat is determined to overcome the challenges facing Europe’s battery industry and remain a leader in sustainable energy solutions. Its milestones include the following:
Volta 1, InoBat’s R&D and low-volume, high-performance battery manufacturing facility in Volderady became fully operational with 150 people from 19 nationalities combining to make Europe’s only high silicon anode cell. The advancement of the GIB (Gotion InoBat Batteries) gigafactory in Šurany, Slovakia. This state-of-the-art facility is set to address Europe’s rising demand for safe, sustainable batteries.
CEO and Co-founder Marián Boček said: “As we reflect on 2024, I am incredibly proud of our achievements in technology, partnerships, and global expansion. In 2025, we will continue striving to become Europe’s leading battery company, delivering high-performance and sustainable solutions for the energy transition. I believe this round, the largest of its kind in for a Slovak technology company will pave the way for Central Europe’s circular battery ecosystem – Danube Valley.”
Chairman Dr Andy Palmer CMG: “Western Europe has been slow to react to the critical need for battery technology. Inobat has quietly gone about building both its own high-performance cell technology and its pragmatic partnership with Gotion to produce cost-effective cells. The journey has still a long way to go, but closing Series C and moving to a scaling agenda with Series D is an important milestone. In 2025, we will continue to advance the science of batteries in Europe.”
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