Prime Batteries and EIT InnoEnergy to scale up battery production in Europe
Prime Batteries Technology has signed an investment agreement with EIT InnoEnergy with the aim to scale up its annual production output to 8 GWh.
Prime Batteries produces lithium-ion batteries and tailor-made battery systems for the automotive, smart grids, and industrial sectors.
The investment formalises EIT InnoEnergy as a shareholder in Prime Batteries Technology that will support the company in its ambition to scale up annual production output to 8GWh, attracting and accessing talent, a press release reads.
"We are delivering advanced storage solutions to various international customers, and we’ve already secured majority of the orders for 2023 and 2024. The quality and performance of our products are confirmed by a fact that over 80 percent of our sales goes to returning customers. Due to growing demand, we need to increase our production capacity. Our ambition is to scale up our yearly production output to 2GWh by 2024 and to 8GWh by 2026. We will do this by further developing our smart factory that at the same time enables us to make batteries at a significantly lower cost." says Vicentiu Ciobanu, chief executive officer at Prime Batteries Technology in a press release