International Battery Company Raises $35mn In Pre-Series A Round

Q1 Results: Waaree Renewable Reports 85% Rise In Revenues On YoY

International Battery Company (IBC), a product and technology company that specializes in the creation of eco-friendly, large-sized rechargeable Prismatic Lithium-ion NMC batteries announced raising USD 35 Million. This includes a Pre-Series A round led by RTP Global, and contributions from a broader investment base which includes Beenext, Veda VC, and other strategic Korean and US Investors.

IBC has channeled this investment into a 50 MWh capacity manufacturing plant, and has developed United Nations 38.3 and BIS certified, ready-for-delivery battery cells for the Indian market, reflecting the growing needs of India’s EV and energy storage sectors. These batteries will meet the region’s distinctive requirements, such as the need to operate safely in high temperatures, support fast charging capacities in democratized charging environments, and offer an extended lifecycle, with a 7–10-year warranty. Furthermore, its products use components that are fully recyclable and reusable, supporting India’s push towards a greener future and closed-loop manufacturing, where materials are repurposed and reused, minimizing waste and reducing environmental impact and the carbon footprint.

India’s EV market is expected to account for more than 40% of its automotive market and generate over $100 billion of revenue by 2030, according to a recent report by Bain & Co. IBC has currently focused its product development on batteries for two and three-wheelers, light commercial vehicles, and farm and industrial equipment targeting the small mobility sector. Embracing a collaborative ethos, IBC has also secured binding contracts with three partner customers to co-create and supply battery packs.

IBC’s research and development are rooted in the Silicon Valley, United States, with production taking place at a fully operational, state-of-the-art facility in South Korea. The 50MWh manufacturing facility produces United Nations certified prismatic Li-ion NMC batteries, which are already being shipped at volume to India. The funds have enabled the expansion of IBC’s manufacturing capabilities including setting up state-of-the-art data systems with AI/ML models for yield enhancement, and will advance the progression of a “copy exact,” new 2 GWh lithium-ion Giga factory in Bengaluru, which will commence production by 2025, following an MoU with the Karnataka government in August 2023 for 100-acres of land next to Bangalore. This facility is part of IBC’s vision to achieve a production capacity of 10 GWh by 2028.

IBC is led by its founder Priyadarshi Panda, an alumnus of Massachusetts Institute of Technology (MIT) and the Indian Institute of Technology (IIT) Kanpur.  Priyadarshi’s expertise in micro and nanoscience, combined with his experience at Intel, Lam Research and Applied Materials, has been instrumental in IBC’s journey towards innovation and scalability.

On the funding milestone, Panda said,: “This funding is a powerful vote of confidence from our investors, accelerating our vision to transform the EV landscape. As pioneers in giga-scale manufacturing in India, we are setting the pace in the market with precision, innovation, a deep understanding of Indian consumer needs, and a unique product-based approach. We’re not just preparing to meet the demand; we’re actively shaping the market, driven by an engineering-first mindset and a sustainable product philosophy. With the EV industry in India on the cusp of a revolution, IBC is poised to lead this energy transformation.”

Nishit Garg, Partner on RTP Global’s Asia investment team: “Our  investment in International Battery Company underscores RTP Global’s steadfast and ongoing commitment to sustainable technology investments. It reinforces our strategy of investing in early-stage, innovative ventures and our long-term support for their visionary founders. IBC’s work in EV battery tech aligns perfectly with our mission to back transformative projects that have a positive impact on a global scale.”