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Slovakia’s InoBat Plans To Build Electric Vehicle Battery Plant In Serbia

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Slovakia’s InoBat Plans To Build Electric Vehicle Battery Plant In Serbia

(CTN NEWS) – InoBat, a Slovakian battery manufacturer, announced on Monday that it has signed declarations of intent with the Serbian government to erect an EV battery facility in the Balkan nation with a 32 gigawatt-hour maximum capacity (GWh).

In 2025, the plant would begin operations with a 4 GWh starting capacity.

According to InoBat, the Serbian government has agreed to support the project with cash totalling up to 419 million euros ($431 million), including grants and tax incentives.

Despite not being final, a source with knowledge of the situation claimed that the deal was almost there.

According to InoBat, it plans to erect gigafactories in both western and eastern Europe.

Last month, the company said it had signed a letter of intent with the government of Spain to construct a gigafactory in Valladolid.

The declaration is not a binding contract, and alternative sites, such as the UK, are still being considered for InoBat’s western European facility.

While some European battery startups have had difficulty securing billions for massive gigafactories, others, like InoBat, are concentrated on quietly expanding as they sign contracts with consumers.

To build high-performance batteries for clients to test, InoBat will launch a 45-megawatt-hour (MWh) pilot plant in Bratislava early in 2019.

The company also claims to have inked customer agreements with German air taxi developer Lilium for 500 million euros by 2030.

As contracts are finalized, the company plans to increase its battery production capacity in 4 GWh increments starting in 2025 at a cost of about 350 million euros apiece.

In a joint venture with fintech business Ideanomics, InoBat also intends to build a research and development facility in Indiana that might eventually grow into a gigafactory. Rio Tinto and ideanomics are both investors in inoBat.

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