InoBat Valuation, Funding & Investors

InoBat is valued at $476M as of June 2024.

Last InoBat valuation

$476M

Series C · Jun 2024

Last InoBat funding round

$104M

Undisclosed stage · Dec 2024

Cumulative funding InoBat raised

$125M

across 2 funding rounds

Key investors in InoBat

  • Amara Raja Energy
  • IPM Group
  • Rio Tinto
  • Slovak Investment Holding
  • Gotion High-tech
  • Lilium

InoBat Overview

About InoBat

InoBat is a Bratislava-based battery R&D and manufacturing company targeting Europe's electro-mobility, energy storage, and hydrogen markets. It develops solid-state and lithium-sulfur cells with partners like Rio Tinto and Varta, operating a gigafactory pilot in Slovakia's automotive cluster. InoBat supplies prototypes to Volkswagen and Siemens, leveraging CEE petrochemical expertise for electrolyte production since 2019.


Founded

2019

HQ

SlovakiaBratislava

Website

inobat.eu

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$476M (Jun 2024)

InoBat Valuation

InoBat is currently valued at $476M, based on its Series C in June 2024.

The $21M round was led by Amara Raja Energy.

InoBat valuation by funding round

InoBat valuation by funding round
DateStageValuation
Jun 2024Series C$476M

InoBat Funding History

InoBat has raised a total of $125M across 2 funding rounds.

InoBat's first fundraising round was a $21M Series C in June 2024. The most recent completed round was a $104M undisclosed-stage round in December 2024.

InoBat funding rounds

InoBat funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2024Undisclosed stageGotion High-tech (lead); Slovak Investment Holding; Amara Raja Energy; Rio Tinto; Lilium; Del Cielo Capital; Bromo Capital; IPM Group$104M-InoBat AS, a Slovak battery maker specializing in high-performance NMC batteries for electric vehicles with a proprietary C2C circular value-chain platform, closed a Series C funding round of €100 million ($104 million) on December 20, 2024. Led by Gotion High-Tech as cornerstone investor, the round included Amara Raja Energy & Mobility, Rio Tinto, Lilium N.V., Slovak Investment Holding, IPM Group, Bromo Capital, and Cielo Capital (Del Cielo Capital). This marked the largest funding round ever for a technology company in Slovakia. The funds support ramping up production of European-designed battery cells, launching an energy storage business with Gotion, advancing the Gotion InoBat Batteries (GIB) gigafactory in Šurany, Slovakia—with a first-phase 20 GWh capacity starting in 2026—and expanding operations in Serbia, Spain, and new regions. InoBat also secured €54 million grant and €456,000 loan for a 32 GWh Valladolid, Spain gigafactory by 2027, with €712 million total investment planned. Gotion High-Tech, backed by Volkswagen Group, had previously acquired a 25% stake in InoBat in 2023 to localize battery value chains in Europe, Middle East, and Africa, committing capital and technology. InoBat operates a pilot line in Voderady, Slovakia, and plans Europe's largest Agri-Solar power plant for the gigafactory. The round follows Northvolt's bankruptcy, highlighting challenges in Europe's EV battery sector, with InoBat leveraging Gotion's expertise for industrial-scale production. CEO Marián Boček noted 2024 achievements in technology, partnerships, and expansion, positioning the company for a Series D to scale further in 2025.
Jun 2024Series CAmara Raja Energy (lead)$21M$476MInoBat AS, a Slovakia-headquartered company (with references to Norway in some reports), specializes in research, development, and production of custom-designed batteries for electric vehicles targeting automotive, commercial vehicle, motorsport, and aerospace original equipment manufacturers. On June 20-21, 2024, Amara Raja Energy & Mobility invested an additional €20 million (~$21.4 million) in InoBat's Series C round, acquiring a 4.5% equity stake and increasing its total holding to 9.32% following a prior €10 million investment. This investment aligns with Amara Raja's strategy to expand in sustainable energy solutions, including its own gigafactories for lithium-ion cells and battery packs in India. The investment underscores partnerships in the EV battery ecosystem, with Vikramadithya Gourineni, Executive Director of Amara Raja, joining InoBat's board. InoBat operates a cradle-to-cradle circular value chain in line with UN SDG 2030 and EU Green Deal, and maintains strategic alliances including a joint venture with Gotion High-Tech called GIB (Gotion-InoBat-Batteries) for projects in EMEA. Other investors in InoBat include IPM Group, Gotion High-Tech (25% stake acquired in September prior), Rio Tinto, Lilium N.V., Slovak Investment Holding, Bromo Capital, Cielo Capital, and Across Private Investments. At the time, InoBat was described as pre-revenue, focusing funds on completing its pilot plant and planning gigafactories, particularly in Slovakia via the Gotion JV. A later December 2024 funding tranche raised €100 million from a group including Amara Raja, Gotion, Lilium, and others, but this is a separate event.

Who has invested in InoBat?

8 investors have backed InoBat across its funding rounds, including Amara Raja Energy, IPM Group, Rio Tinto, Slovak Investment Holding, Gotion High-tech and Lilium.

Lead investors include Gotion High-tech and Amara Raja Energy.


InoBat Investors

Investors in InoBat by funding rounds participated
InvestorHQRoundsRoleFirst check
Amara Raja EnergyIndiaIndia2LeadJun 2024
Slovak Investment HoldingSlovakiaBratislava1ParticipantDec 2024
Rio TintoAustraliaMelbourne1ParticipantDec 2024
LiliumGermanyGauting1ParticipantDec 2024
Del Cielo CapitalUnited StatesMiami, FL1ParticipantDec 2024
Gotion High-techChinaHefei1LeadDec 2024

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Investments by InoBat

InoBat has invested in 2 companies to date.

Latest investment by InoBat was on June 22nd 2021. InoBat invested in AgeVolt in their $700K Pre-seed round.


Latest Investments by InoBat

AgeVolt
Wildcat Discovery Technologies
Description
AgeVolt is a UK-based cleantech firm enabling EV charger installations without grid upgrades. Its software optimizes power sharing among chargers using existing building connections, compliant with UK smart charging standards. AgeVolt serves fleet operators and residential blocks in London and Manchester, integrating with OZEV grants and utility demand response programs.
-
HQ CountrySlovakiaUnited States
HQ City
Bratislava
San Diego, CA
Deal Date22 Jun 202118 Oct 2019
RoundPre-seedSeries C
Raised$700K$20M
InvestorsVenture to Future Fund; IPM Group5AM Ventures; Presidio Partners; Infield Capital; Flint Hills Resources; IPM Group
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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InoBat Competitors

InoBat competitors include listed companies like Veken Technology Co and Solid Power, and private ones like StoreDot, Nanotech Energy, Standard Energy and Nanoramic Laboratories.

Public and private companies comparable to InoBat
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
StoreDotIsraelHerzliyaPrivate--$1.5B-
Nanotech EnergyUnited StatesLos Angeles, CAPrivate--$550M-
Veken Technology CoChinaChinaPublicly listed$211M$7M$627M-
Standard EnergySouth KoreaDaejeonPrivate--$290M-
Nanoramic LaboratoriesUnited StatesBoston, MAPrivate--$250M-
Solid PowerUnited StatesUnited StatesPublicly listed$18M($87M)$581M38.3x

InoBat Public Comps

InoBat is still privately-owned, but its public comps include Luxfer Holdings, Hexagon Composites, Aspen Aerogels, Magnera, Alpha HPA, HS Hyosung Advanced, REalloys, Solid Power, Factorial Energy and FTAI Infrastructure.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Luxfer Holdings$385M$38M1.3x1.4x13.6x10.2x
Hexagon Composites$314M($83M)1.8x1.7x(6.9x)21.2x
Aspen Aerogels$271M($331M)1.5x1.7x(1.2x)(96.1x)
Magnera$3.2B$181M0.7x0.6x11.5x5.5x
Alpha HPA$532K($29M)798.3x432.7x(14.8x)(14.6x)
HS Hyosung Advanced$2.4B$271M1.0x1.0x9.2x8.2x
REalloys$2M($3M)188.0x165.6x(167.2x)(10.6x)
Solid Power$18M($87M)19.3x38.3x(4.0x)(4.3x)

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Common questions about InoBat

When was InoBat founded?InoBat was founded in 2019.
Where is InoBat headquartered?InoBat is headquartered in Bratislava, Slovakia.
Is InoBat publicly listed?No, InoBat is a private, VC-backed company.
What is InoBat's valuation?InoBat was last valued at $476M in its Series C in June 2024.
How much funding has InoBat raised?InoBat has raised $125M across 2 funding rounds.
What was InoBat's last funding round?InoBat's last funding round was a $104M undisclosed-stage round in December 2024, led by Gotion High-tech.
Who are InoBat's investors?InoBat's investors include Amara Raja Energy, Slovak Investment Holding, Rio Tinto, Lilium, Del Cielo Capital, Gotion High-tech, Bromo Capital and IPM Group.
Which companies are comparable to InoBat?Companies comparable to InoBat include StoreDot, Nanotech Energy, Veken Technology Co, Standard Energy, Nanoramic Laboratories and Solid Power.
How many companies has InoBat invested in?InoBat has invested in 2 companies, including AgeVolt and Wildcat Discovery Technologies.
What was InoBat's last investment?In June 2021, InoBat invested in AgeVolt's $700K pre-seed round alongside Venture to Future Fund and IPM Group.

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