Amara Raja Invests €20 Million to Boost Stake in Slovakian EV Battery Company InoBat
Amara Raja Energy & Mobility, a battery maker, has added €20 million (~$21.4 million) to its position in InoBat, a Norwegian company that makes electric vehicle (EV) batteries, for a 4.5% ownership. Amara Raja currently owns 9.32% of the Slovakia-based company InoBat. It had previously given the business €10 million to help it establish a presence in the European EV market.
Custom-designing EV batteries to satisfy the demands of global mainstream and specialty original equipment manufacturers (OEMs) in the automotive, commercial vehicle, racing, and aerospace industries is InoBat’s area of expertise.
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Amara Raja offers a wide range of products, including industrial and automotive lubricants, new chemical exploration, EV chargers, energy storage solutions, and lithium-ion cell manufacture.
“Our investment in InoBat underscores our commitment to being at the forefront of the energy revolution. InoBat’s innovative approach to battery technology complements our mission to deliver sustainable and cutting-edge energy solutions.”
Vikramadithya Gourineni, Executive Director of Amara Raja, said.
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Gotion High-Tech, a Chinese battery producer, purchased a 25% share in InoBat in September.
Amara Raja revealed in May 2024 that its revenue for the fourth quarter of 2023 increased by 15% year over year to ₹27.96 billion (~$338 million). The strong performance was ascribed to the lead-acid battery and new energy industries’ combined impetus. In the lead-acid market, the company experienced robust volume growth in the automotive and industrial sectors.
Amara Raja established Telangana’s first gigafactory in the Mahbubnagar district to produce lithium cells and battery packs in May 2023. With a maximum capacity of 16 GWh, the facility serves both local and foreign markets.
A memorandum of agreement was signed by the Telangana government and Amara Raja Advanced Cell Technologies, a subsidiary of the Amara Raj Group, regarding Li-ion cell chemistries tailored to the Indian subcontinent.
