Amara Raja invests €10 million in European InoBat Auto
Amara Raja Batteries India’s leading battery maker plans to invest €10 million in InoBat Auto a Europe based technology developer and manufacturer of premium batteries for electric vehicles. The investment will give Amara Raja a foothold in the European EV ecosystem where multiple battery gigafactories are being set up to support. Read further to know more about Amara Raja invests €10 million.
“Combining our respective strengths will give Amara Raja a foothold in the booming global EV market,” Amara Raja Batteries Executive Director Vikram Gourineni said.
“InoBat has proven its capability to develop innovative battery technologies in a short span of time. Its “cradle-to-cradle” approach supports Amara Raja’s own goals on sustainability and will help to taper long-term dependence on the import of critical raw materials.”
“Combining our respective strengths will give Amara Raja a foothold in the booming global EV market. We will jointly explore future opportunities together to adapt the advanced battery technology developed by InoBat for markets served by Amara Raja. We believe this technology can significantly move the needle and accelerate India’s own EV ambitions,” said Vikram Gourineni.
In August, Log 9 Materials a Bengaluru based EV battery-tech startup had raised $8.5 million (Rs 63 crore) in its ongoing Series A+ funding round led by Amara Raja Batteries. India’s leading battery manufacturer Amara Raja has invested $5 million and others $3.5 million.
Amara Raja, Log 9 has also got funding from existing investors including Exfinity Ventures and Sequoia Capital India’s Surge Programme. Altogether, the existing and the new investors have invested around $8.5 million in the ongoing $10-12 million Series A+ round.
Bipolar battery technology
Amara Raja Batteries had partnered with Gridtential Energy for bipolar battery technology. The Gridtential Energy is the inventor of the silicon joule bipolar battery technology which has dual benefits such as traditional lead-acid batteries performance and the life cycle of lithium-ion batteries.
The partnership will assemble and test reference batteries using Amara Raja’s active material and work on the improvements in their life cycle, energy density, efficiency, charging rates, and manufacturability.
The Gridtential will provide non-exclusive licenses for its silicon joule technology to the manufacturing partners to adopt the facilities to provide high-performance batteries such as 24V and 48V batteries for hybrid automotive, energy storage systems, home backup markets and low-speed electric vehicles.
Fleet of e-Autos in Tirupati
In 2019 Amara Raja had installed EV battery charging and swapping stations also introduced a fleet of e-Autos in Tirupati. The launch of this initiative is in collaboration with the Tirupati Municipal Corporation as part of its smart city program.
The battery packs of lithium-ion and EV battery charging stations and swapping stations are designed in the state-of-the-art R&D facilities of Amara Raja. The company added a Lithium-Ion battery pack manufacturing facility of 500MWH capacity at its Tirupati manufacturing unit.
Also read related article: Top electric vehicles battery manufacturers in India
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