International Battery Company Raises USD 35Mn, Including RTP Global’s Pre-Series A Backing
California, US / Bengaluru, India, January 18, 2024: International Battery Company (IBC), a product and technology company that specializes in the creation of eco-friendly, large-sized rechargeable Prismatic Li-ion NMC batteries, is announcing it has raised USD 35 million. This includes a Pre-Series A round led by RTP Global, and contributions from a broader investment base which includes Beenext, Veda VC, and other strategic Korean and US Investors. The investment marks an important moment in IBC’s journey to revolutionize the global EV landscape.
IBC has channelled this investment into a 50 MWh capacity manufacturing plant and has developed United Nations 38.3 and BIS-certified, ready-for-delivery battery cells for the Indian market, reflecting the growing needs of India’s EV and energy storage sectors. These batteries will meet the region’s distinctive requirements, such as the need to operate safely in high temperatures, support fast charging capacities in democratized charging environments, and offer an extended lifecycle with a 7-10-year warranty. Furthermore, its highly eco-friendly products use components that are fully recyclable and reusable, supporting India’s push towards a greener future and closed-loop manufacturing, where materials are repurposed and reused, minimizing waste and reducing environmental impact and the carbon footprint.
India’s EV market is expected to account for more than 40% of its automotive market and generate over $100 billion of revenue by 2030, according to a recent report by Bain & Co. IBC has currently focused its product development on batteries for two and three-wheelers, light commercial vehicles, and farm and industrial equipment targeting the small mobility sector. Embracing a collaborative ethos, IBC has also secured binding contracts with three partner customers to co-create and supply battery packs.
IBC’s research and development is rooted in the Silicon Valley, United States, with production taking place at a fully operational, state-of-the-art facility in South Korea. The 50MWh manufacturing facility produces United Nations-certified prismatic Li-ion NMC batteries, which are already being shipped at volume to India. The funds have enabled the expansion of IBC’s manufacturing capabilities including setting up state-of-the-art data systems with AI/ML models for yield enhancement, and will advance the progression of a “copy exact,” new 2 GWh lithium-ion Giga factory in Bengaluru, which will commence production by 2025, following an MoU with the Karnataka government in August 2023 for 100-acres of land next to Bangalore. This facility is part of IBC’s vision to achieve a production capacity of 10 GWh by 2028.
IBC is led by its visionary founder Priyadarshi Panda, an alumnus of Massachusetts Institute of Technology (MIT) and the Indian Institute of Technology (IIT) Kanpur. Priyadarshi’s expertise in micro and nanoscience, combined with his experience at Intel, Lam Research and Applied Materials, has been instrumental in IBC’s journey towards innovation and scalability.
“This funding is a powerful vote of confidence from our investors, accelerating our vision to transform the EV landscape. As pioneers in giga-scale manufacturing in India, we are setting the pace in the market with precision, innovation, a deep understanding of Indian consumer needs, and a unique product based approach. We’re not just preparing to meet the demand; we’re actively shaping the market, driven by an engineering-first mindset and a sustainable product philosophy. With the EV industry in India on the cusp of a revolution, IBC is poised to lead this energy transformation.”
Priyadarshi Panda, Founder and CEO, International Battery Company.
“Our investment in International Battery Company underscores RTP Global’s steadfast and ongoing commitment to sustainable technology investments. It reinforces our strategy of investing in early-stage, innovative ventures and our long-term support for their visionary founders. IBC’s work in EV battery tech aligns perfectly with our mission to back transformative projects that have a positive impact on a global scale.”
Nishit Garg, Partner on RTP Global’s Asia investment team.
About International Battery Company
Founded in 2022, International Battery Company is a product-tech company that stands at the forefront of the sustainable energy revolution. Based in Sunnyvale, California, IBC specializes in the development of large-sized, eco-friendly Prismatic Li-ion NMC batteries, pivotal to advancing a cleaner, more sustainable future. With its roots in R&D in the US and manufacturing in South Korea, IBC is poised to extend its Giga manufacturing facility to India.
The company’s innovation is guided by founder, CEO, and CTO Priyadarshi Panda, an IIT Kanpur and MIT alumnus with over 980 world-wide citations from 7 research publications and 12 granted US patents and notable roles at Intel, Lam Research, and Applied Materials. His experience includes establishing a Prismatic phosphate based Li-ion GigaFactory in New York and a Prismatic Li-ion NMC Factory in Korea, with plans for a third battery manufacturing facility in India, tailored for the Indian market.
Priyadarshi is joined by co-founders Raj Singh (CRO), Venkatesh Valluri (President, IBC India), and Sasi Kuppannagari (COO), each bringing unique expertise to propel IBC’s mission.
IBC is poised for global impact with its ‘copy exact’ scalability approach in advanced battery technology.
About RTP Global
RTP Global is an early-stage venture capital firm, backing the founders who use technology to reimagine how the world works. Since 2000, RTP Global has made over 110 investments worldwide, with one in 10 becoming multi-billion dollar companies and one in 20 publicly trading at over $10bn. Notable investments include Datadog, DeliveryHero, Cred and SumUp. RTP Global has offices in New York, London, Paris, Dubai and Bangalore.