Ideanomics to invest in InoBat on EV battery development

US-based Ideanomics has announced a strategic investment in premium battery manufacturing and technology company InoBat Auto. This will support the completion of the latter's R&D centre and pilot battery plant located in Voderady, Slovakia by the end of 2022.

In conjunction with the investment, Ideanomics and InoBat will also collaborate to supply 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.

Ideanomics specializes in the convergence of financial services and industries experiencing technological disruption. The company's mobility division facilitates the adoption of EVs by commercial fleet operators through various means including vehicle procurement, finance and leasing, and energy management solutions under an innovative sale to financing to charging (S2F2C) business model.

On the other hand, InoBat is into the R&D and manufacturing of innovative electric batteries custom-designed to meet customers' specific requirements within the automotive, commercial vehicle, motorsport, and aerospace sectors. It is actively pursuing plans to build several Giga factories on additional sites across Europe and other global locations through 2024 to reach out to international markets.

Recently, the Europe-based company has also received financial investments to deliver its facility and pilot battery line from Indian battery giant Amara Raja and Rio Tinto, a global mining and metals company.

"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."