Ideanomics Announces Strategic Investment with InoBat to Collaborate on EV Battery Offerings
- Ideanomics’ early-stage investment is intended to further de-risk its supply chain by securing future battery supply across its operating companies.
- Ideanomics and InoBat will work to develop and commercialize both standard and tailor-made battery packs for the U.S. market.
- InoBat expects to have access to the requisite materials and global reach to produce batteries at scale due to their strategic investments from Rio Tinto and Amara Raja.
January 4, 2022 (Source) — Ideanomics (NASDAQ: IDEX), a global company that accelerates the commercial adoption of electric vehicles, today announced their strategic investment in InoBat Auto (‘InoBat’), a European-based premium battery technology and manufacturing company. The funding will support the completion of InoBat’s R&D center and pilot battery plant located in Voderady, Slovakiaby the end of 2022.
In conjunction with the investment, Ideanomics and InoBat will also collaborate to develop, produce, and distribute integrated battery pack solutions for the US market. The collaboration is intended to accelerate Ideanomics subsidiaries’ continued growth and deliver potential revenue opportunities targeting other U.S. commercial EV fleet customers.
InoBat specializes in the pioneering research, development, manufacturing, and provision of premium innovative electric batteries custom-designed to meet customers’ specific requirements within the automotive, commercial vehicle, motorsport, and aerospace sectors. Andy Palmer, former Aston Martin CEO and ex-Nissan COO & Chief Planning Officer and pioneer of the 100% electric Nissan LEAF, joined InoBat to drive the development of a European-based R&D and battery production center.
InoBat is actively pursuing plans to build several gigafactories on additional sites across Europe and other global locations through 2024 in order to support and serve the international market at scale. Recently, InoBat also welcomed financial investments to deliver its facility and pilot battery line from Rio Tinto, a global mining and metals company, and Amara Raja, a leading industrial and automotive battery company in India.
“We have been seeking an innovative battery partner to support our electrification strategy. We hope that this investment and partnership will help future-proof our battery and supply needs to realize our commitment towards making EV the natural mobility successor,” said Robin Mackie, President of Ideanomics Mobility. “With Rio Tinto and Amara Raja’s recent strategic investments and relationships in Europe and Asia, we believe that InoBat will have access to the materials and rare-earth metals necessary to produce batteries at scale and help to minimize supply chain risks across our Ideanomics Mobility operating companies. We look forward to a close collaboration with the InoBat team.”
“InoBat prides itself on providing innovative solutions across the entire battery value chain thanks to our own “cradle-to-cradle” approach. We are thrilled to join hands with Ideanomics, a like-minded company with vehicles across a wide range of industries,” said Marian Bocek, Chief Executive Officer of InoBat Auto. “This strategic partnership allows us to expand our battery technology for both on- and off-road commercial EVs while increasing our capacity and future opportunities to support the US e-mobility market.”
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. The Ideanomics Mobility division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under an innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, Ideanomics Mobility and Ideanomics Capital provide global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and offer shareholders the opportunity to participate in high-potential growth industries.
For more information and news on Ideanomics, please visit https://ideanomics.com.
About InoBat Auto
InoBat Auto specializes 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. InoBat’s provides innovative solutions across the entire value chain thanks to its “cradle-to-cradle” approach, which showcases the concept of a circular economy. InoBat is backed by a strong consortium of investors and technology companies, strategic investors and partners such as Rio Tinto, Amara Raja, CEZ, IPM Group, Matador, AEN, CSG and Across. A European based battery manufacturer, InoBat already has a battery research and development facility and pilot line under development in Slovakia. 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.
For more information and news on InoBat, please visit https://inobatauto.eu/.
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Tony Sklar, SVP of Investor Relations
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Malory Van Guilder, Skyya PR for Ideanomics
Tom Davies, Teneo for InoBat Auto