Bratislava adds new energy storage battery

How much money will Slovakia invest in EV batteries?

The total investment in the facility is expected to reach EUR 1 billion. Тhe Slovakian firm aims to be able to produce batteries for about 240,000 electric vehicles (EVs) annually by 2024. It plans to start building the first phase 100-MWh production line later this year, with the first batteries to be ready for distribution in late 2021.

How much money does INOBAT auto get from Slovakia?

InoBat Auto, the Bratislava-based battery maker with plans for a 10-GWh plant, has secured funding from the Slovakian government for a research and development (R&D) facility. This forms part of the EUR-100-million (USD 111.8m) first-phase fundraising in support of the ambitious Gigafactory project, InoBat said on Monday.

Why did Slovakia choose a Gigafactory?

Minister of Economy of the Slovak Republic Denisa Saková appreciated the choice of location in Slovakia, adding that in addition to new jobs, the gigafactory will bring cutting-edge technology to the region.

Did Slovakia sign a joint venture agreement with the government?

The government and joint venture have now signed an Investment Agreement. The agreement does not come as a surprise. In November 2023, the companies signed a letter of intent to this effect with the Slovakian government regarding the factory. The partners had already presented the key points of the joint factory in September.