Serbia likely to get new EV battery gigafactory
InoBat Auto has signed protocols and declarations of intent with the Government of the Republic of Serbia for the construction of a new gigafactory in Serbia.
InoBat completed a detailed review of several European countries and has selected the Republic of Serbia, alongside other locations with suitable criteria for setting up a gigafactory and the associated value chains for the manufacturing and recycling of battery cells for electric vehicles and stationary energy storage.
This declaration of intent represents the decision and mutual support of both parties to establish a facility in Serbia and if finalised, the relevant Serbian authorities will work with InoBat to secure all of the permits and licenses required for the sustainable construction and operation of the gigafactory. The Serbian government will also provide financial and material support to ensure the successful development of the facility. InoBat has already established its Serbian subsidiary, InoBat Auto Beograd, a press release states.
This initiative is supported by IFC via its early-stage project development engagement with InoBat to establish a new EV battery factory in Central and Southeast Europe, signed in January of this year.
“This is an important milestone for Serbia in positioning our country as a great contributor to sustainable and green future and among leading European players in this highly innovative and ground-breaking strategic industrial sector. The InoBat investment is more proof of our efforts to ensure that Serbia is developing in line with the newest technological and industrial trends and that our country is a top investment destination. We will continue to work resolutely on further development in order to create an even better conditions for the well-being of both our citizens and everyone who lives and does business in Serbia”, Ana Brnabic, Prime Minister of the Serbian government commented.
InoBat is currently developing its main R&D hub in Voderady, Slovakia, which is progressing rapidly with the battery manufacturing line to be completed Q1 2023 and has recently announced that it has secured the necessary regional incentives to progress the development of its first North American facility in Indiana, which will create up to 80 full-time manufacturing jobs.
“The Serbian government have been exceptional partners and I am incredibly grateful for their ongoing support. The agreement reflects our shared ambition for the future of green mobility and the importance of fostering sustainable growth models. This additional step builds on InoBat’s progress over the past three years and is an exciting sign of what’s to come. Our pilot facility in Slovakia is near completion, and we have lined up the development of a new facility in the US and recently signed declarations of intent for the construction of a facility in Spain. I look forward to working alongside the Republic of Serbia as we progress towards a greener more sustainable future”, Marian Bocek, CEO of InoBat adds.
In three years since inception, InoBat has already signed customer agreements with companies in the commercial vehicle and electric vertical take-off and landing aircraft sectors, with the first cells shipped and initial revenues realised, and benefits from an extensive further pipeline.
The development of InoBat’s project in Serbia is supported by International Finance Corporation (‘IFC’) as part of IFC’s strategic support for its member countries in Europe to mobilise private sector investments into the green transition of their economies.