- Represents the strong intentions of both parties to develop a sustainable EV battery value chain in Serbia
- The Serbian government has offered financial and material support for the construction and operation of a battery manufacturing and recycling facility, which will create new jobs and will catalyse new investments in e-mobility in the country
- The development of InoBat’s project in Serbia is supported by International Finance Corporation (‘IFC’) as part of IFC’s strategic support for its member countries in Europe to mobilise private sector investments into the green transition of their economies
14 November 2022: InoBat Auto (“InoBat”), the European pioneer of high performing electric vehicle battery R&D, engineering, production and recycling, has signed protocols and declarations of intent with the Government of the Republic of Serbia for the construction of a new gigafactory in Serbia.
InoBat completed a detailed review of several European countries and has selected the Republic of Serbia, alongside other locations with suitable criteria for setting up a gigafactory and the associated value chains for the manufacturing and recycling of battery cells for electric vehicles and stationary energy storage.
This declaration of intent represents the decision and mutual support of both parties to establish a facility in Serbia and if finalised, the relevant Serbian authorities will work with InoBat to secure all of the permits and licenses required for the sustainable construction and operation of the gigafactory. The Serbian government will also provide financial and material support to ensure the successful development of the facility. InoBat has already established its Serbian subsidiary, InoBat Auto Beograd. This initiative is supported by IFC via its early-stage project development engagement with InoBat to establish a new EV battery factory in Central and Southeast Europe, signed in January of this year.
Ana Brnabic, Prime Minister of the Serbian government commented: “This is an important milestone for Serbia in positioning our country as a great contributor to sustainable and green future and among leading European players in this highly innovative and ground-breaking strategic industrial sector. The InoBat investment is more proof of our efforts to ensure that Serbia is developing in line with the newest technological and industrial trends and that our country is a top investment destination. We will continue to work resolutely on further development in order to create an even better conditions for the well-being of both our citizens and everyone who lives and does business in Serbia.”
Ary Naim, Regional Manager for Central and Southeast Europe of the International Finance Corporation added: “Serbia is well positioned to continue attracting manufacturing investment, and become a centrepiece for the E-mobility revolution in Europe, creating new jobs and opportunities in the economy of tomorrow for decades to come. An InoBat gigafactory in Serbia could serve as the anchor that will catalyse much more investment up and down regional manufacturing value chains.”
Marian Bocek, CEO of InoBat said: “The Serbian government have been exceptional partners and I am incredibly grateful for their ongoing support. The agreement reflects our shared ambition for the future of green mobility and the importance of fostering sustainable growth models. This additional step builds on InoBat’s progress over the past three years and is an exciting sign of what’s to come. Our pilot facility in Slovakia is near completion, and we have lined up the development of a new facility in the US and recently signed declarations of intent for the construction of a facility in Spain. I look forward to working alongside the Republic of Serbia as we progress towards a greener more sustainable future.”
This development represents further progress on InoBat’s plan to develop a global network of gigafactories based on its “cradle-to-cradle” circular value chain, which integrates chemistry research, cell development, battery production and material recycling in one location. InoBat is currently developing its main R&D hub in Voderady, Slovakia, which is progressing rapidly with the battery manufacturing line to be completed Q1 2023 and has recently announced that it has secured the necessary regional incentives to progress the development of its first North American facility in Indiana, which will create up to 80 full-time manufacturing jobs. In three years since inception, InoBat has already signed customer agreements with companies in the commercial vehicle and electric vertical take-off and landing aircraft sectors, with the first cells shipped and initial revenues realised, and benefits from an extensive further pipeline.
NOTES TO EDITORS
InoBat specialises in pioneering research, development, manufacture, supply, recycling, and ultimate careful disposal of innovative electric batteries custom-designed to meet the specific requirements of global mainstream and specialist OEMs within the automotive, commercial vehicle, motorsport, and aerospace sectors. InoBat provides innovative solutions across the entire value chain thanks to its “cradle-to-cradle” approach, which showcases the concept of a circular economy. InoBat is backed by a strong consortium of strategic investors and partners such as Rio Tinto, Amara Raja, Ideanomics, IFC, IPM Group, Matador, AEN, CSG and Across.
A European-based battery manufacturer, InoBat already has a battery research and development facility and a pilot line under development in Slovakia. InoBat has also been approved for grant financing under the EU-sponsored programme, Important Projects for Common European Interest, and already received a grant from the Slovak Government.
For more information and news on InoBat, please visit https://inobatauto.eu