R&D and battery production company InoBat recently announced it had inked declarations of intent with the Serbian government. The said initiative aims to erect an electric vehicle battery factory in the Balkan nation with a 32 gigawatt-hour (GWh) maximum capacity, as per Reuters.
Agreement
In 2025, the electric vehicle battery factory is expected to begin operations with a 4 GWh starting capacity.
According to InoBat, the Serbian government has committed to supporting the project with up to 419 million euros ($431 million).
The figure above includes grants and tax incentives. However, it must be noted that the mentioned financing still needs to be finalized. According to a source with knowledge of the situation, the agreement is almost there.
InoBat’s upcoming projects
The Slovakian company also claimed that it had signed a declaration of intent with the Spain government to construct a gigafactory in Valladolid last month. Nonetheless, the declaration is not a binding contract.
On the other hand, the site for InoBat’s western European facility is still being contested, and one of those possibilities is the United Kingdom.
It is worth noting that it has been difficult for several European battery firms to raise billions for massive gigafactories. That said, companies like InoBat concentrate on developing gradually as they secure customer contracts.
Early in the upcoming year, InoBat will launch a 45 MWh pilot plant in Bratislava to make high-performance batteries for customers to test. It claims to have contracts with clients worth 500 million euros by 2030, including one with German air taxi firm Lilium.
Beginning in 2025, the Slovakian company plans to increase its capacity for producing batteries in 4 GWh intervals. Since contracts are signed, its prices are about 350 million euros per one.
Furthermore, InoBat has intentions to build an R&D facility in Indiana. The said facility might grow into a gigafactory through the partnership with the global finance business Ideanomics.
As for the investors, Rio Tinto and the Czech utility CEZ are also among InoBat’s significant financiers.
