Source: Getty Images/Petmal
Gotion High-Tech had recently acquired a 25% strategic stake in InoBat AS
InoBat signed a pre-joint venture agreement with Gotion High-Tech on September 13 in Berlin, the Slovakia-based battery-technology company said September 18. The agreement entails joint development of a gigafactory at a suitable location in Europe.
“The future Gotion InoBat Batteries gigafactory is expected to have in the first development stage a capacity of 20 GWh and will bring thousands of jobs locally,” InoBat said in a statement on September 19.
While the location is yet to be decided by the two companies, the note stated that the partners are exploring a suitable location in the Middle-European region. That said, the construction of the proposed gigafactory is slated to begin in 2024. The battery plant will be spread across an area of more than 100 hectares and will create thousands of jobs, with full launch expected by 2026.
Commenting on the agreement with Gotion, InoBat CEO Marián Boček said, “Europe has great potential, strategic location and a long tradition in the automotive industry. InoBat has proven that in a relatively short time it can choose a suitable location, successfully manage the permitting process and complete the construction of such an extremely complex technology as a battery factory. Our [research and development, or R&D] center and pilot line in Voderady are progressing and the technology is already working there.”
He further said, “We are pleased to have a strong and experienced partner in the form of Gotion High-Tech. Thanks to such steps and partnerships, Slovakia has the opportunity to fight for the location of the factory and thus be competitive in the field of electromobility. The partnership with Gotion High-Tech is therefore of very strategic importance to us in several areas. An important element in building this strategic project is close cooperation with the state and its institutions.”
Steven Cai, board member and chief technology officer of Gotion, said, “This gigafactory is to meet the localization demand from our European customers currently supplied out of China as well as our new customer nominations in Europe soon to be announced.”
Cai said that InoBat convinced Gotion to sign up for joint development of a gigafactory in Europe with its strong know-how in R&D of their own batteries.
Significance: Notably, the new agreement between Gotion and InoBat will deepen the alliance between the two battery-technology companies. According to the InoBat CEO, the JV between InoBat and Gotion to build a gigafactory is a great opportunity for Europe in terms of establishing a reliable battery supply chain as the continent moves to become net zero by 2050.
The two companies are currently working on a final decision, within which they are also considering multiple options in the region. One of the key factors for the investment decision is strong support from the state and state institutions in building critical infrastructure, construction permits and providing competitive state aid, InoBat said in its note.
It can be recalled that recently, Gotion High-Tech had acquired a 25% strategic stake in InoBat AS. The China-based battery-maker also has an exclusive contract with Volkswagen to supply electric vehicle batteries outside of China. Interestingly, VW owns a 24.77% stake in Gotion and is the company’s largest shareholder.
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