InoBat Auto announces intention to build its third gigafactory in Western Europe
London 25 March 2022: InoBat Auto ("InoBat" or the "Company"), the European pioneer of premium electric vehicle battery R&D, engineering and production, is delighted to announce that given the visibility of its offtake order book, it intends to locate its third gigafactory in Western Europe. Candidate sites include those in EU and UK with a decision to be taken within 2022.
To enable this latest phase of InoBat's evolution, the Company has implemented a new Board structure and today confirms Dr Andy Palmer in the role of Chairman. Alongside Dr Palmer's appointment, InoBat welcomes further three members of the Board: Dr Tara Lindstedt, Mr. Vazil Hudak, and Ms. Kathryn Baker. The outgoing Chairman of InoBat, Mr Faysal Sohail, will remain actively involved in company developments as Chair of the Advisory Board.
Marian Bocek, Co-Founder and CEO of InoBat Auto, commented:
"I'm delighted to announce our intention to start deployment of our gigafactories in Western Europe, which has been made possible by our innovative and hard-working team who have proven that our approach of designing electric batteries tailored to specific customer missions is a resounding success. Our new structure and Board will fast track the implementation of our ambitious platform for growth. I would like to thank Faysal Sohail for his undoubted commitment as Executive Chairman and look forward to working with him in his new role."
Commenting on his appointment, Dr. Andy Palmer, said:
"I am delighted to be appointed Chairman of InoBat. In my two years as Vice-Chairman, I have been hugely impressed by the Company's ethos, employees, innovation, and approach to business. Electric vehicles have always been a key focus of my career, and ever since joining InoBat, I have been lucky to see first-hand the team's impressive drive to become a leading player in the ever-developing global EV market. I am incredibly excited for what InoBat's future holds and am delighted that we now intend to extend this success into Western Europe."
Today's announcement was made possible due to the successful validation of the performance of InoBat's bespoke 622 and 811 battery cells as well as its fundamental proof of concept that cell chemistry can be specifically adapted to customer requirements. This development has resulted in sufficient offtake forecast to commit to the first 4GWh module of the 32GWh intent.
InoBat is also backed by strategic cornerstone investors and co-developers including Rio Tinto, Ideanomics, Amara Raja and the private arm of the World Bank, the IFC. These will allow the Company to complete its R&D centre and pilot plant in Slovakia for which construction has commenced, with the facility due to be operational in the beginning of 2023 and targeting an initial 1GWh of capacity once complete in 2024. InoBat has also recently opened its UK office at the University of Warwick Science Park.
Petronela Halamova, InoBat Auto
Petronela.halamova@ipmllp.com