Amara Raja Batteries to invest in Europe-based InoBat
Amara Raja Batteries announced plans to invest in InoBat Auto, a European technology developer and manufacturer of premium innovative batteries for E-mobility.
The initial investment will give Amara Raja a key foothold in the thriving European EV ecosystem, where multiple battery gigafactories are being set up to support the region’s determined EV push, including in the UK, which is seeing a rising need to address increasing demand for electric vehicles.
Amara Raja Batteries was quoting at Rs 622.25, up Rs 4.45, or 0.72% on the BSE.
This strategic step will significantly enable Amara Raja, which laid out its ambitions in the green technology space as part of its bold ‘Energy and Mobility’ strategy earlier this year, access expertise that will help deploy the required technologies for the manufacture of batteries for E-Mobility applications. The investment thereby will open new R&D avenues for the Company while allowing it to adapt InoBat’s highly innovative battery technology to the markets that Amara Raja already serves.
InoBat specialises in the pioneering research, development, manufacture, and provision of premium innovative electric batteries custom-designed to meet the specific requirements of customers within the automotive, commercial vehicle, motorsport, and aerospace sectors. By adopting a cradle-tocradle strategy within a responsible ESG frame work, InoBat aims to drive the implementation of electric mobility solutions.
InoBat is currently developing a battery research and development centre and production line in Voderady, Slovakia. The next phase of the project will focus on a manufacturing scale-up through a number of gigafactories planned across Europe and globally. It is backed by a strong consortium of partners, including CEZ, one of the major European Utilities and Rio Tinto, the global mining giant, who have made an investment in the company.
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