In a move to accelerate the global transition to low-carbon technologies, InoBat Auto (‘InoBat’), the customised battery technology and manufacturing company headquartered in Slovakia, has entered into a Joint Development Agreement (‘JDA’) with the International Finance Corporation (‘IFC’) that will support InoBat’s plans to build a new electric vehicle (EV) battery factory in Central and Southeast Europe, as part of InoBat’s global platform across Europe, the US, and India.
Electric vehicle production in the European Union is expected to jump from one million annually to some 33 million annually by 2030. EIT InnoEnergy estimates that 20 to 30 factories for battery cells production alone will have to be built in Europe, and their related ecosystem will need to be considerably strengthened. InoBat Auto is stepping in to meet this demand with its plans to build EV battery manufacturing plants, or Gigafactories, based on InoBat’s “cradle-to-cradle” circular economy value-chain framework and blueprint that includes battery research and development, EV battery manufacturing, battery recycling, energy storage systems and charging infrastructure.
“I am delighted that an institution of IFC’s calibre is partnering with InoBat, which will drive us to strive for the highest sustainability and ESG performance standards in compliance with IFC’s Policies and Procedures,” said Marian Bocek, Chief Executive Officer of InoBat Auto. “Together, we shall drive and deliver on our strategy to become a global leader in the development and supply of custom-designed electric batteries tailored for e-mobility solutions of our customers. Our partnership with IFC would enable us to support global decarbonisation and circular economies, which are at the heart of our business, and to drive the creation of sustainable jobs.”
Under the signed JDA, IFC and InoBat Auto will work together to scale up InoBat’s R&D and battery manufacturing capabilities through the co-development of a Gigafactory project that can deliver EV batteries at globally competitive prices and would serve the European market.
“IFC’s unique approach to tackling the world’s biggest development challenges is to work with governments, private sector companies and development partners to find, develop and deliver innovative solutions, building an environment in which private companies can thrive,” said Femi Akinrebiyo, Global Manager, Upstream, Manufacturing, Agribusiness & Services at IFC. “Through this partnership with InoBat, IFC aims to support the European decarbonisation agenda and create new opportunities for investments in e-mobility.”