January 2, 2025

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Bratislava

Slovakia

• At EUR100m, this is the biggest single funding round ever raised for a Slovak technology company paving way for Central Europe’s circular battery ecosystem - Danube Valley
• Set to be Europe’s primary source of high performance NMC battery cells.
• Continued partnership with Gotion for LFP battery cells.
• Sets Ambitious Scaling Goals for 2025

Bratislava, Slovakia – 20/12/2024 – InoBat announces the finalisation of its investment round Series C, successfully raising €100m in equity. Investmentfrom strategic investors Amara Raja and Rio Tinto are complemented with significant contributions from SIH (Slovakia’s sovereign wealth fund), Lilium, Bromo Capital, IPM Group and Cielo Capital (InoBat’s founders).

Gotion, the Chinese battery cell maker, backed by the Volkswagen Group, also cements its partnership with InoBat by becoming a cornerstone investor in the round.

Chairman Dr Andy Palmer CMG:

“Western Europe has been slow to react to the critical need for battery technology. Inobat has quietly gone about building both its own high performance cell technology and its pragmatic partnership with Gotion to produce cost effective cells. The journey has still a long way to go, but closing Series C and moving to a scaling agenda with Series D is an important milestone. In 2025, we will continue to advance the science of batteries in Europe.”

As 2024 comes to a close, InoBat is proud to highlight a year of significant achievements, strategic partnerships, and technological advancements, setting the stage for ambitious goals in 2025.

2024 was a year of deepening relationships with key alliance partners many of whom are also our shareholders. We are grateful to all our investors, employees and stakeholders for their ongoing support and collaboration.

CEO and Co-founder Marián Boček:

“As we reflect on 2024, I am incredibly proud of our achievements in technology, partnerships, and global expansion. In 2025, we will continue striving to become Europe’s leading battery company, delivering high performance and sustainable solutions for the energy transition. I believe this round, largest of its kind in for a Slovak technology company will pave the way for the Central Europe’s circular battery ecosystem – Danube Valley.”

Two standout milestones shine through:

1. Volta 1, InoBat’s R&D and low volume high performance battery manufacturing facility in Volderady became fully operational with 150 people from 19 nationalities combining to make Europe’s only high silicon anode cell.
2. The advancement of the GIB (Gotion InoBat Batteries) gigafactory in Šurany, Slovakia. This state-of-the-art facility is set to address Europe’s rising demand for safe, sustainable batteries.

Technological progress remained central to InoBat’s mission. The company released its latest battery cell technology, demonstrating promising results in testing with customers. Additionally, production commenced at InoBat’s pilot production centre in Voderady, Slovakia, a pivotal step in scaling European manufacturing capabilities.

Looking ahead, InoBat is determined to overcome challenges facing Europe’s battery industry and remain a leader in sustainable energy solutions. Key goals for 2025 include ramping up production of European designed battery cells, commencing energy storage business in partnership with Gotion, and launching the Series D investment round, which will support scaling operations in Slovakia, Serbia and Spain and accelerating growth in new territories.