Slovakian company InoBat and Ideanomics secure incentives for joint venture battery R&D and production facility in Indiana.
Inobat Auto (InoBat), a pioneering supplier of premium batteries for electric vehicles batteries based in Europe, announces that it has secured 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 focused on the green economy and power further growth in Indiana’s EV ecosystem.
The planned100,000-square-foot battery module and pack assembly and R&D facility in Indianapolis is a joint venture with Ideanomics, a global company focused on accelerating the commercial adoption of electric vehicles (EV).
Brad Chambers, Indiana Secretary of Commerce said:
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We were thrilled to meet Inobat on our overseas business development trip to Slovakia earlier in the year and are excited to now welcome InoBat and Ideanomics to Indiana to grow and scale their dynamic business for the US market.
“With Indiana’s innovative economy and our push toward manufacturing the products necessary for the energy transition, the timing is perfect for Inobat and Ideanomics to open the doors in the Hoosier state.”
Construction of the facility is expected to begin in Q1 of 2023 and assembly to begin in 2024. The battery modules and packs assembled at the facility could enable, at a minimum, 400,000 electric and zero-emission miles driven.
Both companies plan on continuing to explore the economic and technical feasibility to expand the facility’s production capacity up to 2-3 GWh per year.
Marian Boček, InoBat Chief Executive Officer, said:
I would like to thank Governor Eric Holcomb, Secretary Chambers, and the IEDC team who have been incredibly supportive and worked closely with InoBat and Ideanomics over the last several months to bring this project to life.
“I am confident that the State of Indiana is the right place for our facility – it’s full of smart, talented people that I look forward to recruiting and welcoming to the InoBat team.”
Founded in 2019, with joint headquarters in Slovakia and the UK, Inobat has until now raised and committed EUR91m from convertible loans, equity financing, EU and governmental funds. It is currently in its Series C round, which will help fuel its expansion plans.
Ideanomics, which owns a minority stake in InoBat, retains the right to offtake battery modules and packs from the facility for use in its Solectrac and Energica electric vehicles.
Once Ideanomics completes the acquisition of VIA motors, Ideanomics will also make InoBat’s battery solutions available for use in VIA vehicles as well. InoBat´s advanced, tailor-made battery solutions are shown to provide a quick charge and higher density, often outperforming other commercially available battery solutions.
Robin Mackie, Ideanomics Mobility president, said:
Across the EV industry, companies recognize that having secure access to high-quality and performance batteries is critically important.
“Together with InoBat, Ideanomics is creating a resilient battery supply chain that can keep pace with our growing EV business. This joint venture helps guarantee that we have access to a secure, consistent supply of the highest quality battery packs, modules, and cells, which gives us a huge competitive advantage”.
To date, InoBat has two US based funding partners. The company signed a joint development agreement with the International Finance Corporation to co-establish a Gigafactory in Europe and received an investment from Ideanomics, which specializes in accelerating the commercial adoption of electric vehicles globally.
Based on the investment and company’s job creation plans, the Indiana Economic Development Corporation (IEDC) offered InoBat and Ideanomics an attractive incentive package consisting of several forms of aid.
This includes tax credits, abatements, cash grants and training aid. All offered incentives are performance-based, meaning the company is eligible to claim them once it made the investment and hired as well as trained local workforce.
About InoBat
InoBat specializes in pioneering research, development, manufacture, supply, recycling, and ultimate careful disposal of innovative electric batteries custom-designed to meet the specific requirements of global mainstream and specialist OEMs within the automotive, commercial vehicle, motorsport, and aerospace sectors.
InoBat provides innovative solutions across the entire value chain thanks to its “cradle-to-cradle” approach, which showcases the concept of a circular economy. InoBat is backed by a strong consortium of strategic investors and partners such as Rio Tinto, Amara Raja, Ideanomics, IFC, IPM Group, Matador, AEN, CSG, and Across.
A European-based battery manufacturer, InoBat already has a battery research and development facility and a pilot line under development in Slovakia. InoBat has also been approved for grant financing under the EU-sponsored program, Important Projects for Common European Interest, and already received a grant from the Slovak Government. For more information and news on InoBat, please visit https://inobatauto.eu.
About Ideanomics
Ideanomics (Nasdaq: IDEX) is a global group with a simple mission: accelerating the commercial adoption of electric vehicles.
By bringing together vehicles, charging, and financing solutions under one roof, we are the one-stop partner needed to simplify the transition to and operation of any EV fleet. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit https://ideanomics.com.
About IEDC
The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, and helping businesses launch, grow and locate in the state.
Led by Secretary of Commerce Brad Chambers, @SecChambersIN, and governed by a 15-member board chaired by Governor Eric J. Holcomb, @GovHolcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts.
For more information about the IEDC, visit www.iedc.in.gov.
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SLOVAKIAN COMPANY INOBAT AND IDEANOMICS SECURE INCENTIVES FOR JOINT VENTURE BATTERY R&D AND PRODUCTION FACILITY IN INDIANA, Indianapolis, November 1, 2022
