The Slovakian Government has allocated funds to support the development of a 10GWh InoBat Auto Gigafactory in the country.
The funding will benefit the gigafactory, which will deploy state-of-the-art battery technology with the potential ‘to provide an estimated 240,000 electric vehicles (EVs) with cutting edge batteries by 2024′.
The investment from the Slovakian Government forms part of the €100 million (£87m) first-phase fundraising to deliver the gigafactory,
The construction of the first-phase 100MWh production line is expected to begin later this year with the first batteries expected to be ready for distribution towards the end of 2021.
Marian Bocek, InoBat Auto’s Co-Founder, commented: “InoBat Auto is set to address some of the biggest challenges facing the EV industry.
“When our second investment round closes next month, we will be able to apply our state-of-the-art technology to produce batteries that will significantly reduce charging time and enhance battery life for EVs.”