2023-09-01 07:30:00
Chinese battery maker Gotion High Tech is buying a 25% stake in Slovakian battery maker Inobat and will provide supply chain and technology support as the startup ramps up production of batteries for electric vehicles, the two companies said THURSDAY.
The companies did not disclose the terms of the investment or what it means for Inobat’s valuation.
Gotion’s initiative, which is partly owned by Volkswagen, is the first investment by a Chinese battery maker in a European start-up. It comes after the two companies announced earlier this year that they would explore the possibility of forming joint ventures to develop batteries for electric vehicles and energy storage.
Inobat said the investment will give it access to Gotion’s research and development, as well as the Chinese battery maker’s raw materials, including lithium, and cell production and recycling capabilities. This will accelerate the transition of the Slovak startup to mass production.
“Through our joint efforts, we aim to develop and manufacture batteries that will find their way into countless homes across Europe,” Gotion CEO Li Zhen said in a statement.
As part of Europe’s efforts to develop its own electric vehicle battery industry and reduce its dependence on dominant Asian battery makers, only a few companies have benefited from continued investment, start-up funding ups having dried up due to high interest rates and economic uncertainty.
Last week, Swedish lithium-ion battery maker Northvolt, which counts Volkswagen and Volvo Cars among its customers, told Archyde.com it had raised $1.2 billion from investors including BlackRock and several insurance schemes. Canadian retirees as it prepares to build new factories in Europe and North America.
Others have struggled, including British start-up Britishvolt, which failed earlier this year.
Gotion said last year it plans to locate a third of its production capacity outside China by 2025 to meet growing demand from electric vehicle makers and storage customers. Energy.
The Chinese battery maker is building a $2.36 billion factory in Michigan and plans to set up an electric vehicle battery factory in Morocco, with a potential investment of $6.3 billion.
Inobat has signed declarations of intent with the Spanish and Serbian governments for the construction of electric vehicle battery factories, although these agreements are not final. (Reporting by Nick Carey; Writing by Simon Cameron-Moore)
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