InoBat completed a detailed review of several European countries and has selected the Republic of Serbia, alongside other locations with suitable criteria for setting up a gigafactory and the associated value chains for the manufacturing and recycling of battery cells for electric vehicles and stationary energy storage.
This declaration of intent represents the decision and mutual support of both parties to establish a facility in Serbia and if finalised, the relevant Serbian authorities will work with InoBat to secure all of the permits and licenses required for the sustainable construction and operation of the gigafactory.
The Serbian government will also provide financial and material support to ensure the successful development of the facility. InoBat has already established its Serbian subsidiary, InoBat Auto Belgrade. This initiative is supported by IFC via its early-stage project development engagement with InoBat to establish a new EV battery factory in Central and Southeast Europe, signed in January of this year.
This development represents further progress on InoBat’s plan to develop a global network of gigafactories based on its “cradle-to-cradle” circular value chain, which integrates chemistry research, cell development, battery production and material recycling in one location.
InoBat is currently developing its main R&D hub in Voderady, Slovakia, which is progressing rapidly with the battery manufacturing line to be completed Q1 2023 and has recently announced that it has secured the necessary regional incentives to progress the development of its first North American facility in Indiana, which will create up to 80 full-time manufacturing jobs.
In three years since its inception, InoBat has already signed customer agreements with companies in the commercial vehicle and electric vertical take-off and landing aircraft sectors, with the first cells shipped and initial revenues realized, and benefits from an extensive further pipeline.