Monday, July 22, 2024

Chinese Battery Giant Gotion High-tech Acquires 25% Stake in European Battery Maker InoBat

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Gotion High-tech, a prominent Chinese lithium battery manufacturer, has successfully acquired a substantial 25 percent stake in InoBat AS, a leading European battery company. The partnership, which was formalized through a memorandum of cooperation earlier this year, marks a pivotal step towards fostering research and development initiatives and establishing a large-scale localized battery value chain spanning Europe, the Middle East, and Africa.

InoBat, an innovative battery firm originating from Slovakia but incorporated in Norway, distinguishes itself by offering tailored, high-performance NMC batteries through its unique C2C circular value chain development platform, as highlighted in their press release.

This strategic investment by Gotion represents a landmark move as it signifies the first major involvement of a top-tier Chinese global battery manufacturer in a European startup. Initial efforts will be concentrated on Central and Eastern Europe, along with Morocco, with the primary objective of creating sustainable battery materials that align with green energy initiatives.

See also: InoBat and Gotion High-Tech Partner for Joint Battery Production Factory

To ensure the success of InoBat within the newly established framework, Gotion has committed substantial capital and technical support. This collaborative initiative, named the Gotion-InoBat-Batteries (GIB), aspires to harness the potential of Europe and its neighboring regions within the EMEA (Europe, Middle East, and Africa) domain. Its core mission is to create a localized, net-zero closed-loop circular battery value chain, in addition to offering innovative energy storage solutions tailored for electric vehicles.

The foundation for this alliance was laid on February 5, when Gotion and InoBat formally entered into a memorandum of understanding in Hefei, Anhui province, where Gotion is headquartered. This initial agreement sought to explore various avenues of collaboration, including the establishment of a manufacturing plant in Europe.

The two companies are also set to explore the possibility of a joint venture aimed at constructing a substantial 40 GWh cell and pack plant, primarily focusing on cell manufacturing. Furthermore, they plan to pool their expertise in lithium iron phosphate and ternary batteries as part of their technology cooperation efforts, building upon their respective accumulations in these battery technologies.

Additionally, the partnership aims to explore the potential for energy storage battery production using InoBat’s existing facility in Slovakia, with the ultimate goal of rapidly expanding into the European market, as stated by Gotion earlier in the collaboration.

See also: InoBat Auto to build electric vehicle battery cell factory in Serbia

This strategic partnership aligns with Gotion’s ambitious objective of achieving a remarkable 100 GWh of battery production capacity outside of China by the year 2025, further driving the company’s internationalization efforts. As of August 3, Gotion holds the ninth position globally in terms of power battery makers, securing a 2.1 percent market share from January to June, according to data released by South Korean market researcher SNE Research. In the Chinese market, Gotion ranks fifth with a 3.89 percent share, boasting an installed base of 1.25 GWh, as reported by the China Automotive Battery Innovation Alliance (CABIA) in July.

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