Leading Indian battery maker, which is setting up a gigafactory in Telangana, makes fresh investment in InoBat, the European pioneering supplier of premium batteries for electric vehicles.
21 Jun 2024 | 7200 Views | By Autocar Pro News Desk
Leading Indian battery manufacturer Amara Raja Energy & Mobility (ARE&M) has invested an additional 20 million euros (Rs 175 crore), which includes a subscription for an additional 4.5% equity stake in InoBat of Norway. With this latest investment, Amara Raja Energy & Mobility's total holding in Inobat will be around ...
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Leading Indian battery manufacturer Amara Raja Energy & Mobility (ARE&M) has invested an additional 20 million euros (Rs 175 crore), which includes a subscription for an additional 4.5% equity stake in InoBat of Norway. With this latest investment, Amara Raja Energy & Mobility's total holding in Inobat will be around 9.32%, including its previous investment of 10 million euros (Rs 88 crore).
InoBat, the European pioneering supplier of premium batteries for electric vehicles, specialises in research, development, and production of batteries for electric vehicles custom-designed to meet the specific requirements of global mainstream and specialist OEMs within the automotive, commercial vehicle, motorsport, and aerospace sectors, and has shown significant growth in the recent times.
This investment marks a pivotal step in Amara Raja's future strategic growth roadmap to advancing sustainable energy solutions and enhancing its footprint in the energy and mobility sector. InoBat’s cutting-edge battery technology and advanced manufacturing capabilities are aligned with Amara Raja’s vision of a greener, more sustainable future. In line with this, the company is setting up one of India’s largest gigafactories for Li-ion cell and battery pack manufacturing, the first phase of which is slated to be functional this year.
Amara Raja's gigafactory, which is coming up in Mahbubnagar district, Telangana will manufacture lithium cells and battery packs with an ultimate capacity of up to 16GWh and up to 5 GWh respectively. The initial facilities would also include a first-of-its-kind advanced energy research and innovation centre, dubbed the Amara Raja E +Ve Energy Labs.
Vikramadithya Gourineni, Executive Director of Amara Raja, stated: "Our investment in InoBat underscores our commitment to being at the forefront of the energy revolution. InoBat’s innovative approach to battery technology complements our mission to deliver sustainable and cutting-edge energy solutions. Together, we aim to accelerate the transition to electric mobility and contribute significantly to global sustainability goals."
Amara Raja Energy & Mobility, which manufactures Amaron and Powerzone automotive batteries, supplies them under OE relationships to Ashok Leyland, Ford India, Honda Cars India, Hyundai Motor India, Mahindra & Mahindra, Maruti Suzuki, and Tata Motors amongst others. The company also exports its industrial and automotive batteries to over 50 countries around the world.
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