InoBat Auto, a Slovakia-based startup developing manufacturing facilities for electric vehicle (EV) batteries, received €10m ($11.2m) in funding from investors including energy utility Čez Group yesterday.
Asset management firm IPM Group led the round, which also featured advanced battery researcher Wildcat Discovery Technologies and undisclosed additional investors. Čez provided its share in the form of convertible note financing.
Formed in October 2019, InoBat Auto intends to build a Gigafactory in its home country to manufacture batteries for EVs that will make use of technology developed by Wildcat.
The company is an offshoot of EV battery incubator InoBat, which was created by IPM, civil engineering group MSM Group and power producer A.EN in January 2019, and which co-led Wildcat’s $20m series C round in October.
The company has not revealed any earlier equity financing, but it was awarded $5.5m in grant funding from the Slovakian government in March this year.
