InoBat signs MOU with Republic of Serbia’s Ministry of Finance and the Municipality of Cuprija to build its second Giga Battery Manufacturing and Recycling 

We are pleased to announce #Cuprija as the location for our Serbia Giga Factory and Recycling Project code named Lion, which has been under development for the past 2 years with IFC.  Project Lion will be the second InoBat Giga Factory in the CEE, to supply offtake growth from InoBat’s Voderady R&D Pilot line and mini-Giga Factory in Slovakia.  Project Lion has achieved an indicative Incentives Package of c. €419m from the Serbian Government. The Facility will assemble energy storage (ESS) solutions as well as electric vehicle (EV) batteries as well as recycling facilities in line with InoBat’s #C2C circular value-chain development platform.

Marian Bocek, InoBat’s CEO said: “We selected Cuprija as InoBat’s second CEE site because of its welcoming and eager local community and hands-on and proactive municipality government.  Another major “Plus Point” of Cuprija is the potential for co-developing our own distributed power smart grid and electricity from renewable sources for own consumption.”

Dr Tara Lindstedt InoBat’s Board Member and Chief Development Officer said: “Project Lion has progressed well.  Earlier in the year we signed an MOU with the Minth Group to collaborate across the Battery value-chain in Europe, starting with Serbia, focussing on green energy supply for our factories, materials, and recycling. Our decision to locate InoBat’s second CEE facility in Serbia was in part influenced by Minth’s long and positive experience there.”

Dr Jimmy Wong Managing  Director for Europe at the Minth Group said: ”Very pleased that InoBat has committed to invest in Serbia. We have 8 sites in the country and looking forward to collaborating with InoBat. Welcome to Serbia!”

Ana Brnabic, Prime Minister of the Serbian government commented: “We are pleased to support InoBat’s investment in Serbia, delivering jobs in the new decarbonised circular economy.”

Maria Paulina Mogollon, Manager of Upstream & Advisory for Manufacturing, Agribusiness & Services (MAS) in Europe & Latin America said: “InoBat’s choice of Cuprija as the location for its Serbia manufacturing and recycling giga hub underscores InoBat’s commitment to economic development in the CEE through innovation, sustainability, and forging strong partnerships. We are pleased to support InoBat in developing this project which will put Serbia on the map of European low-carbon and circular renewable energy storage solutions and electric vehicle battery value chains.”

About InoBat

InoBat specialises in pioneering research, development, design, manufacturing, supply and recycling of innovative electric batteries custom-designed to meet the specific scope and requirements of global mainstream and specialist OEMs and energy sector participants. InoBat’s sector focus is on the automotive, commercial vehicle, motorsport, and aerospace sectors. InoBat provides innovative solutions across the entire value chain thanks to its “C2C” circular value-chain InoBat is backed by a strong consortium of strategic investors and partners such as Rio Tinto, Gotion, Amara Raja, Ideanomics and the International Finance Corporation of the World Bank Bank, and it original sponsors the IPM Group, Avanea and Across. InoBat achieved R&D grant financing under the EU sponsored programme, Important Projects for Common European Interest (IPCEI), and additional support from the Slovak Government.