Rio Tinto invests in InoBat
November 16 2021 - 4:00AM
Business Wire
Rio Tinto is supporting the development of a battery ecosystem
in Europe with an investment in Inobat Auto (‘InoBat’), a
European-based battery technology and manufacturing company. This
investment will support the completion of InoBat’s research and
development centre and pilot battery line in Voderady, Slovakia.
Today’s investment follows a Memorandum of Understanding signed in
May, outlining an intention to work together to progress the
establishment of a “cradle-to-cradle” electric vehicle battery
value chain in Serbia.
InoBat, a European based battery manufacturer with a battery
research and development facility and pilot plant under development
in Slovakia, is actively pursuing plans to build a number of
gigafactories, including one in Serbia. The company specialises in
the pioneering research, development, manufacture, and provision of
premium innovative electric batteries custom-designed to meet the
specific requirements of customers within the automotive,
commercial vehicle, motorsport, and aerospace sectors.
Rio Tinto’s $2.4 billion Jadar lithium-borates project in Serbia
is one of the largest greenfield lithium projects in development.
The Jadar project remains subject to receiving all relevant
approvals, permits and licences and ongoing engagement with local
communities, the Government of Serbia and civil society. It has the
potential to produce approximately 58 thousand tonnes of battery
grade lithium carbonate and position Rio Tinto as the largest
source of lithium supply in Europe for at least the next 15
years.1
Managing director of Rio Tinto’s battery materials business,
Marnie Finlayson said ”We are delighted to be able to deepen our
partnership with InoBat through our investment and look forward to
benefitting from a broader perspective of the battery materials
sector, as well as insights into future battery chemistries and
technologies.
“Our Jadar lithium project in Serbia is on the doorstep of the
European electric vehicle market. Capable of producing enough
lithium to make around one million electric vehicle batteries a
year to the highest environmental standards,2 we believe Jadar will
be a critical supplier of the European battery ecosystem and,
through our investment in InoBat, we hope that we can assist in
making some of those batteries locally.”
Marian Bocek, Chief executive officer of InoBat Auto said
“InoBat is thrilled to further partner with Rio Tinto. Our mission
has always been to provide solutions across the entire value chain
– a cradle-to-cradle approach, which showcases the concept of the
circular economy and will support Europe’s bid for technological
independence. Side-by-side with Rio Tinto, we are looking forward
to further developing our manufacturing capacities and working
closely on the downstream development of a battery ecosystem with
common decarbonisation efforts at its core.”
About InoBat Auto
InoBat Auto specialises in the pioneering research, development,
manufacture, and provision of premium innovative electric batteries
custom-designed to meet the specific requirements of global
mainstream and specialist OEMs within the automotive, commercial
vehicle, motorsport, and aerospace sectors. InoBat is backed by a
strong consortium of investors and technology companies, including
lead investor IPM Group (IPM) – one of the fastest growing
InfraTech asset managers who specialise in bringing ground-breaking
technologies in the areas of mobility and digital
infrastructure.
www.inobatuto.eu
1 These production targets were previously reported in a release
to the Australian Securities Exchange (ASX) dated 10 December 2020,
“Rio Tinto declares maiden Ore Reserve at Jadar” (for battery-grade
lithium carbonate it was 55,000 tonnes) and is available to view on
www.riotinto.com. The company confirms that it is not aware of any
new information or data that materially affects the information
included in the original market announcement and that all material
assumptions and technical parameters underpinning the estimates in
the relevant market announcement continue to apply and have not
materially changed. The company confirms that the form and context
in which the Competent Person’s findings are presented have not
been materially modified from the original market announcement.
This announcement is authorised for release to the market by Steve
Allen, Rio Tinto’s Group Company Secretary.
2 Assuming 60kWh battery size
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version on businesswire.com: https://www.businesswire.com/news/home/20211116005056/en/
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Relations, Australia Jonathan Rose M +61 447 028 913
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Tinto plc 6 St James’s Square London SW1Y 4AD United Kingdom T
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