Tirupati, December 29, 2021: Amara Raja Batteries Limited (“Amara Raja” or “the Company”), India’s leading industrial and automotive battery major, today announced plans to invest in InoBat Auto (“InoBat”), a European technology developer and manufacturer of premium innovative batteries for E-mobility.
The initial investment will give Amara Raja a key foothold in the thriving European EV ecosystem, where multiple battery gigafactories are being set up to support the region’s determined EV push, including in the UK, which is seeing a rising need to address increasing demand for electric vehicles.
This strategic step will significantly enable Amara Raja, which laid out its ambitions in the green technology space as part of its bold ‘Energy and Mobility’ strategy earlier this year, access expertise that will help deploy the required technologies for the manufacture of batteries for E-Mobility applications. The investment thereby will open new R&D avenues for the Company while allowing it to adapt InoBat’s highly innovative battery technology to the markets that Amara Raja already serves.
InoBat specialises in the pioneering research, development, manufacture, and provision of premium innovative electric batteries custom-designed to meet the specific requirements of customers within the automotive, commercial vehicle, motorsport, and aerospace sectors. By adopting a “cradle-to-cradle” strategy within a responsible ESG frame work, InoBat aims to drive the implementation of electric mobility solutions.
InoBat is currently developing a battery research and development centre and production line in Voderady, Slovakia. The next phase of the project will focus on a manufacturing scale-up through a number of gigafactories planned across Europe and globally. It is backed by a strong consortium of partners, including CEZ, one of the major European Utilities and Rio Tinto, the global mining giant, who have made an investment in the company.
Vikram Gourineni, Executive Director, Amara Raja Batteries said, “We are excited to announce our investment in InoBat. 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.”
Marian Bocek, Chief Executive Officer of InoBat Auto said, “Today’s announcement is strategically important for InoBat and its planned gigafactories across various parts of Europe. It shows that unique collaborative partnerships are vital for driving forward the uptake of E-mobility solutions globally, including the emerging markets. Furthermore, it paves the way for our further expansion and the application of our own “cradle-to-cradle” approach. We are delighted to be partnering with Amara Raja, who have built successful business and demonstrated experience of introducing contemporary energy storage technologies over the years in emerging markets across Indian Ocean Rim geographies. We are committed to work together to create the most efficient, best value batteries possible to help deliver a sustainable future for all.”
About Amara Raja Batteries Limited
Amara Raja Batteries Limited is an Energy and Mobility enterprise and one of the largest manufacturers of energy storage products for both industrial and automotive applications in the Indian battery industry.
In India, Amara Raja is the preferred supplier to major telecom service providers, Telecom equipment manufacturers, the UPS sector (OEM & Replacement), Indian Railways and to the Power, Oil & Gas, among other industry segments. Amara Raja’s industrial battery brands comprise PowerStack®, AmaronVolt® and Quanta®. The Company is a leading manufacturer of automotive batteries under the brands Amaron® and PowerzoneTM, which are distributed through a large Pan-India sales & service retail network.
The Company supplies automotive batteries under OE relationships to Ashok Leyland, Ford India, Honda, Hyundai, Mahindra & Mahindra, Maruti Suzuki, and Tata Motors. The Company’s Industrial and Automotive Batteries are exported to countries in the Indian Ocean Rim.
About InoBat Auto
InoBat Auto specialises in the pioneering research, development, manufacture, and provision of premium innovative electric batteries custom-designed to meet the specific requirements of global mainstream and specialist OEMs within the automotive, commercial vehicle, motorsport, and aerospace sectors. A European based battery manufacturer, InoBat already has a battery research and development facility and pilot line under development in Slovakia. InoBat is backed by a strong consortium of investors and technology companies, including strategic investors and partners such as Rio Tinto, CEZ, IPM, Matador, AEN, CSG, MSM Group, and Across. InoBat has also been approved for grant financing under the EU sponsored programme, Important Projects for Common European Interest, and already received a grant from the Slovak Government.
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