Prime Batteries Technology, a Romanian developer and manufacturer of lithium-ion batteries and energy storage systems, signed an investment agreement with EIT InnoEnergy.
EU body EIT InnoEnergy supports innovation in sustainable energy and now becomes a shareholder in Prime Batteries.
The investment – amount undisclosed – will help Prime scale up annual production output to 8GWh by 2026. It also aims to attract talent and become one of the success stories of the European battery value chain, it said.
Prime produces battery and tailor-made storage solutions across a range of industries including automotive, marine, industrial and material handling, and energy storage.
The value of the global battery market is set to double in the next four years as demand for lithium-ion batteries surges. In Europe and elsewhere, this demand will outstrip supply, meaning growth and strengthening of the continent’s supply chain is vital, said EIT InnoEnergy.
BEST previously reported on efforts underway in Europe to plug this gap and boost the battery value chain.
Diego Pavia, CEO of EIT InnoEnergy, said: “Active investment in the electrification of Europe is key to the continent’s energy security, and to fast track the transition towards sustainability. We are committed to find the best technologies and to support the most promising companies to help them grow and make real impact on an ever larger scale.”
EIT InnoEnergy has made similar investments in battery companies including Northvolt and Verkor.
Photo: Prime Batteries e-mobility battery pack
