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InoBat Auto secures EUR 10m to fund first-of-a-kind EV batteries centre and production line

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CEZ Group, one of Europe’s largest energy companies, has awarded battery production company InoBat Auto EUR 10m for the development of a 100MWh R&D centre and production line in Slovakia.

CEZ will join lead investor, IPM Group (IPM), technology investor Wildcat Discovery Technologies and other investors in supporting InoBat Auto’s bid to make Europe a leading force in electric vehicle (EV) battery technology. It demonstrates the sector’s commitment to delivering clean energy solutions in the face of economic and climate uncertainty.

The construction of InoBat Auto’s first phase 100MWh 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 10GWh Gigafactory with the potential to provide 240,000 EVs with cutting edge, bespoke batteries by 2024.

InoBat Auto will be the first European supplier of customised batteries to the EV market. ‘High throughput’ (HTP) R&D technology, provided through partner Wildcat Discovery Technologies, tests multiple variations of battery chemistry, applying artificial intelligence (AI) to outcomes to select the optimum composition to meet the performance requirements of the vehicle manufacturer. R&D output can then be quickly scaled up to produce customised batteries that can then be produced cost effectively, and at scale.

The company aims to accelerate the rapid implementation of electromobility solutions in Europe by developing a fully integrated value chain which will increase the global competitiveness of the European economy and provide a long-term sustainable solution to the automotive market.

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