Amara Raja Hikes InoBat Stake to 9.32%

Amara Raja Invests €20mn to Increase Stake In Battery Tech Firm InoBat

By Saur News Bureau/ Updated On Fri, Jun 21st, 2024

Battery manufacturer Amara Raja Energy & Mobility (ARE&M) has further invested EUR 20mn, which includes a subscription for an additional 4.5% equity stake in InoBat AS, Norway. With the above, Amara Raja Energy & Mobility Limited’s total holding will be around 9.32% of its equity stake in InoBat AS, including its previous investment of EUR 10mn.

The Slovak company InoBat, specializes 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 key step in Amara Raja’s ongoing commitment 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 align seamlessly with Amara Raja’s vision of a greener, more sustainable future, as part of which 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.

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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.”

The investment in InoBat is besides the significant investment Amara Raja has in another battery tech form, Log9 Materials where it also holds a minority stake. The firm has also expanded into solar EPC and related works, having successfully completed a key project in Bangladesh.