Friday, January 21, 2022

Rio Tinto invests in Slovakian EV Battery Maker InoBat

Mining group Rio Tinto is investing in Slovakian EV battery Maker InoBat. The investment follows a memorandum of understanding signed by the two companies in May this year to build a value chain for the production and recycling of electric car batteries.

The partners did not disclose the amount of the investment.

In the company statement, Rio Tinto only states that the sum is intended to support the development of a battery ecosystem in Europe. Furthermore the Money will be used to complete InoBat’s research and development centre and pilot battery line in Voderady, Slovakia.

InoBat Auto’s goal is to provide customers with customised battery cells for their intended use . The Slovakian Company already has potential customers from the passenger car, commercial vehicle, motorsports and aerospace sectors in mind.

“benefitting from a broader perspective of the battery materials sector, as well as insights into future battery chemistries and technologies”.

Marnie Finlayson, managing director of Rio Tinto

Rio Tinto’s latest announcement also states that InoBat is actively pursuing “plans to build a number of gigafactories, including one in Serbia“.

The cooperation between the mining group and the battery developer, which was launched on the basis of a memorandum of understanding in May, is intended to cover the entire life cycle of lithium, from raw materials to recycling. The focus is on Rio Tinto’s Jadar project in Serbia, which is also described in detail in the current communication. According to the mining company, this is one of the largest lithium projects currently under development “on a greenfield site” – i.e. in largely untouched nature. It should be possible to produce up to 55,000 tonnes of battery-grade lithium carbonate there.

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Jadar is located southwest of Belgrade in the border region to Bosnia and Herzegovina. However, Rio Tinto does not yet have the permits to realise the planned plant.

Marnie Finlayson, managing director of Rio Tinto’s battery materials business, also commented on the investment, saying that it looked forward to

Marian Bocek, CEO of InoBat Auto, emphasises that his company’s goal has always been to provide solutions for the entire value chain – “a cradle-to-cradle approach that exemplifies the concept of the circular economy and supports Europe’s quest for technological independence”.

Marian Bocek, CEO of Inobat Auto

Hi I'm Leanne. I'm a big fan of electric cars (drive a Model 3 myself) and support the movement to go electric! I hope you enjoy my Articles here on the website.
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