Tax breaks and cash grants from the Indiana Economic Development Corporation will help Inobat develop its first North American facility in Indiana, it said.
The planned 100,000 square-foot battery module, pack assembly and R&D facility in Indianapolis is a joint venture with Ideanomics, which works on accelerating the commercial adoption of electric vehicles (EVs).
Inobat’s battery cells are lithium-ion and based on nickel-rich chemistry.
Plant construction is expected to begin in Q1 2023, with assembly beginning in 2024. The companies plan to continue exploring the economic and technical feasibility of expanding production capacity to 2-3 GWh per year.
Founded in 2019 and headquartered in Slovakia and the UK, Inobat said it has raised and committed €91 million from convertible loans, equity financing, EU and governmental funds. It is currently in its Series C round.
Ideanomics retains the right to take battery modules and packs from the facility for use in its Solectrac and Energica EVs.
Once Ideanomics completes the acquisition of VIA motors, it will make Inobat’s battery solutions available for use in VIA vehicles.