As per the company, this will give the company access to advanced battery technology expertise for e-mobility applications and will open new R&D avenues
Looking to enter the European battery market, domestic battery major Amara Raja Batteries is investing has Rs 84.5 crore (10 million euros) in European EV battery maker InoBat Auto.
The strategic investment is part of Amara Raja’s ambitions in the green technology space, as part of its bold ‘Energy and Mobility’ strategy earlier this year.
This initial investment will give the Indian battery maker an opportunity to enter the European EV ecosystem, where multiple battery gigafactories are being set up to support the region’s strong EV push, including in the UK, which is seeing a rising need to address the increasing demand for electric vehicles.
As per the company, this will give the company access to advanced battery technology expertise for e-mobility applications and will open new R&D avenues.
Vikram Gourineni, ED, Amara Raja Batteries, said, “Combining our respective strengths will give Amara Raja a foothold in the booming global EV market. We will jointly explore future opportunities together to adapt the advanced battery technology developed by InoBat for markets served by Amara Raja. We believe this technology can significantly move the needle and accelerate India’s own EV ambitions.”
Calling the new investment as “strategically important for InoBat”, the European company’s CEO Marian Bocek said, “It shows that unique collaborative partnerships are vital for driving forward the uptake of E-mobility solutions globally, including the emerging markets. Furthermore, it paves the way for our further expansion and the application of our own ‘cradle-to-cradle’ approach.”
In a statutory intimation message to the bourses, Amara Raja Batteries stated that InoBat has developed prototype batteries and has signed framework and commercial agreements with customers.
