- InoBat Auto, Ideanomics, and the State of Indiana declare ambitious EV
electrification plans for the North American market.
- Within their strategic partnership, InoBat Auto and
Ideanomics intend to:
- Open a new battery module and pack R&D and a
prototype-volume production facility.
- Construct a full commercial-scale battery module and pack
- InoBat is also exploring the potential construction of a
cell manufacturing plant in line with future offtake
- The State of Indiana was
chosen as a prime location for investment due to its high
concentration of OEMs, suitable business conditions for industrial
projects and support from the State.
- Listed plans follow up on Ideanomics' strategic investment
into InoBat Auto from January 2022 to
secure future battery supply and commercialize standard and
tailor-made battery packs for the U.S. market.
INDIANAPOLIS, June 23,
2022 /PRNewswire/ -- InoBat Auto, the European
pioneering supplier of premium batteries for electric vehicles, in
cooperation with Ideanomics, a global company focused on
accelerating the adoption of commercial electric vehicles (EV),
plans to embark upon a phased investment project based in
Indiana, USA, in three stages.
First, to open a new R&D and production facility for battery
module and pack assembly with an initial annual production capacity
of 100 MWh. Both parties then aim to construct a full
commercial-scale battery module and pack assembly plant with an
initial 2-3 GWh yearly production capacity. The first two phases
would be supplied by cells from InoBat Auto's European facilities.
Depending on sufficient and bankable offtake agreements, InoBat
Auto is also exploring the option to construct a tailor-made
battery cell production facility with an initial 4 GWh annual
Marian Boček, InoBat Auto Chief Executive
Officer, commented, "I am incredibly excited to announce our
plans for the new module and pack R&D and production facility
in Indiana, exemplifying the
valuable synergies and opportunities that our partnership with
Ideanomics offers. At InoBat, we provide innovation across the
entire value chain due to our "cradle to cradle" approach.
Ideanomics has a similar entrepreneurial mindset to our own in
terms of aiming to electrify various mobility segments and is
looking to reinvent the market with innovative financing and energy
solutions to drive EV adoption. This announcement is a testament to
our new and thriving relationship as well as our core commitment to
sustainability. Our presence in Indiana will ensure we both reach our joint
target of producing exceptional commercializing standard and
tailor-made battery packs for the U.S. market."
InoBat Auto and Ideanomics (NASDAQ: IDEX) are expanding the
strategic partnership established in January
2022 to develop, produce, and distribute integrated battery
pack solutions for the US market. InoBat Auto's cutting-edge
R&D capability and manufacturing model enable the rapid
designing, engineering and creation of bespoke EV battery solutions
that exceed current industry standards and meet customer needs.
InoBat Auto's first-generation NMC 622 pouch cell achieved 25%
quicker charging from 5-80% capacity, 20% extra cycle life, 6%
higher capacity, 28% better capacity retention at -20°C (-4°F) than
the benchmark pouch cells (with same dimensions and weight) from a
globally present East Asian battery manufacturer. The European
company is already delivering their 4th generation cells
to customers for vehicle prototyping purposes. These advanced
battery solutions will provide a significant technological edge for
Ideanomics' vehicle, charging, and energy solutions to meet fleet
operations' growing needs for clean mobility and
"InoBat's collaboration with Ideanomics along with Indiana's strong diplomatic and business
relationship with Slovakia prove
Indiana is the best possible
location for InoBat's first North American headquarters, production
facility and eventual commercial-scale battery module and pack
assembly plant," said Brad Chambers,
Indiana Secretary of Commerce.
"The Indiana Economic Development Corporation is committed to
InoBat and Ideanomics and will remain a true partner through each
stage of this process as we look to identify sites and negotiate a
potential incentive package."
Both InoBat Auto and Ideanomics are proud to be supported by the
State of Indiana, which will
provide administrative, advisory, fiscal and site location support
while putting the state in a position to be a frontrunner for
battery development in the US. The stimulation of the local
economy, strong industrial focus and potential to make Indiana a hub for sustainable mobility made
Indiana a natural fit to host the
previously mentioned investments and long-term vision of InoBat
Auto and Ideanomics.
"This partnership demonstrates our continuing effort to make EV
the natural mobility successor," states Alf
Poor, Chief Executive Officer at Ideanomics. "It has been
our mission to expedite the innovations needed to accelerate EV
adoption. Our partnership with InoBat will secure future battery
supply and create a force multiplier for technologies across our
operating companies. This is another reflection of our commitment
to boost clean technology job opportunities in the U.S."
This commitment could also attract additional clean technology
companies to the state of Indiana,
including investments from InoBat Auto's C2C (Cradle-to-cradle)
value chain, such as stationary energy storage, battery recycling
and production of battery-grade recycled materials. The parties
also express a common interest in localizing other relevant
suppliers in the proximity of the listed future facilities and
maximize the usage of green electricity in their facilities to
comply with global Net Zero commitments.
The announcement follows InoBat Auto's recent commercial
agreement with Lilium, the developer of the first all-electric
vertical take-off jet, becoming their exclusive battery provider.
Both announcements evidence InoBat Auto's ambition to provide
state-of-the-art standard and tailor-made batteries, pushing the
boundaries of the global sustainability sector.
InoBat specializes in pioneering research, development,
manufacture, supply, recycling, and ultimate careful disposal of
innovative electric batteries custom-designed to meet the specific
requirements of global mainstream and specialist OEMs within the
automotive, commercial vehicle, motorsport, and aerospace
InoBat provides innovative solutions across the entire value
chain thanks to its "cradle-to-cradle" approach, which showcases
the concept of a circular economy. InoBat is backed by a strong
consortium of strategic investors and partners such as Rio Tinto,
Amara Raja, Ideanomics, IFC, IPM
Group, Matador, AEN, CSG and Across.
A European-based battery manufacturer, InoBat already has a
battery research and development facility and pilot line under
development in Slovakia. InoBat
has also been approved for grant financing under the EU sponsored
programme, Important Projects for Common European Interest, and
already received a grant from the Slovak Government.
For more information and news on InoBat, please visit
Ideanomics (NASDAQ" IDEX) is a global group with a simple
mission: to accelerate the commercial adoption of electric
vehicles. By bringing together vehicles and charging technology
with design, implementation, and financial services, we provide
solutions for the commercial world to commit to an EV future. To
keep up with Ideanomics, please follow the company on social
@ideanomicshq or visit: https://ideanomics.com.
Zoë Watt, Teneo for InoBat Auto
Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York,
Malory Van Guilder, Skyya PR for Ideanomics
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