First strategic investment into Slovak battery maker is from China

The Slovak company InoBat, specialising in research and development of custom batteries, has a new investor.

Chinese battery manufacturer Gotion High-Tech gained 25 percent of the shares, thus joining the ranks of the global mining group Rio Tinto and another battery manufacturer Amara Raja from India. However, while the former now gained the status of major shareholder, the latter two are minor.

This is the first investment of such a producer into a European startup.

The investor's intention is to have the development, production and recycling of batteries for customers focused on Central and Eastern Europe, among other things.

Thanks to this partnership, the Slovak company will gain access to production capacities in China and Europe.

"InoBat now has the opportunity to expand its market reach and gain access to new customers and business opportunities not only in Slovakia, but also throughout Europe," says its co-founder and CEO Marián Boček.

So far, InoBat has not focused on mass market production. Currently, the company is finishing its research and development centre in the village of Voderady, Trnava Region. The company's goal is to focus on custom batteries for sport cars, for example.

In addition, Gotion High-Tech works closely with German car manufacturer Volkswagen, the largest one in Slovakia, which is gradually switching to electric cars. Currently, approximately 24 percent of the Chinese company is owned by Volkswagen itself.

The hall of InoBat's R&D centre. (source: TASR)