Amara Raja invests EUR 20M to raise stake in InoBat • EVreporter

Amara Raja Energy & Mobility (ARE&M), a battery manufacturer based in India, has invested EUR 20 million to acquire an additional 4.5% equity stake in InoBat AS, a Norwegian company specializing in batteries for electric vehicles. This investment increases Amara Raja Energy & Mobility Limited’s total ownership in InoBat AS to approximately 9.32%, following a previous EUR 10 million investment.

InoBat focuses on researching, developing, and manufacturing custom-designed batteries for various sectors including automotive, commercial vehicles, motorsport, and aerospace. Amara Raja’s investment reflects its strategy to expand in the energy and mobility sector, particularly in sustainable energy solutions. InoBat’s battery technology aligns with Amara Raja’s goal of promoting environmental sustainability. Amara Raja is also progressing with the establishment of one of India’s largest gigafactories for Li-ion cell and battery pack manufacturing, with the first phase expected to start operations this year.

Vikramadithya Gourineni, Executive Director of Amara Raja, stated, “Our investment in InoBat underscores our commitment to being at the forefront of the energy revolution. InoBat’s innovative approach to battery technology complements our mission to deliver sustainable and cutting-edge energy solutions. Together, we aim to accelerate the transition to electric mobility and contribute significantly to global sustainability goals.”

Also read: Amara Raja Batteries’ plans for lithium-ion cell manufacturing