European battery startup Inobat proudly announced Friday that Chinese power battery giant Gotion High Tech acquired 25% of its stake.
In hindsight, they officially inked a memorandum of cooperation on February 5, CnEVPost reported.
Purpose
Inobat stated that the deal will initiate an R&D initiative and establish a local giga battery value chain in Europe, the Middle East, and Africa.
“Through our joint efforts, we aim to develop and manufacture batteries that will find their way into countless households in Europe.”
Gotion CEO Li Zhen
Remarkably, the deal signifies the first significant investment of a leading Chinese battery company to a European startup to develop clean battery materials, the report noted,
The deal will aid Gotion in achieving its battery production capacity target of 100 GWh globally by 2025. In effect, it will also boost the company’s expansion efforts.
GIB framework
Gotion has reportedly supported Inobat’s development of the new Gotion-InoBat-Batteries (GIB) system.
The planned GIB will tap into the Europe and EMEA neighbors’ potential to establish a domestic and clean closed-loop battery supply chain and energy storage solutions for EVs.
“GIB will unlock the full potential of Europe and our neighbours in the EMEA region in delivering localised Net Zero closed loop circular battery value-chains for e-mobility as well as superior energy storage solutions. GIB will nurture and grow InoBat’s strategic premise and ethos for customised bespoke R&D to deliver safe high performance batteries and green energy solutions.”
Mr. Marian Bocek, Inobat Co-founder and CEO
Apart from that, they will also erect a new European factory under the MoU the two companies signed on February 5.
Gotion, Inobat to build a 40 GWh battery cell and plant factory
Gotion and Inobat will also undertake a joint venture to develop a battery cell and pack factory that can support a capacity of 40 GWh.
They will also collaborate in developing lithium iron phosphate and ternary batteries for electric vehicles according to their corresponding accumulations.
Moreover, the two battery makers also plan to produce energy storage batteries in Inobat’s current Slovakian factory “as soon as possible.”
See Also:
- Gotion to develop a $2.36B EV battery parts factory in the US
- Gotion joins Edison Power in penetrating Japan’s energy storage market
- Gotion joins Edison Power to enter Japan’s energy storage market
- Gotion plans to invest $1.6 billion in 2 new battery projects
- Gotion is speculated to construct an EV battery factory in Michigan
Gotion is among the leading power battery companies globally, with a market share of 2.1% from January to June, SNE Research indicated. In July, it ranked fifth with a 3.89% market share in China’s battery industry.
