In the beginning there will be research
The battery production plant will be located in western Slovakia, the exact location will be announced in a few weeks, and investors are discussing it. Its construction is estimated to start in the second quarter of 2020.
Battery production will start in late 2021. European Commission Vice-President Maroš Šefčovič, European Investment Bank Vice-President Vazil Hudák, WDT President Mark Gresser and InoBat Chairman Marián Boček informed on Friday.
“A new strategic partnership with Wildcat Discovery Technologies, including customers such as Apple, Samsung and BMW, will enable us to build a vertically integrated supply chain, beginning with R&D and ending with production. This patented technology will thus be able to serve car manufacturers in Central and Eastern Europe and I believe it has the potential to trigger a revolution in electric vehicle batteries across Europe, ”said Marián Boček.
New jobs will also be created
The line will initially produce an average of 1,500 batteries per year, with plans to increase production capacity up to 150,000 batteries in the coming years.
“We are looking forward to the breakthrough Wildcat research technology that has found its place in Central and Eastern Europe thanks to this strategic collaboration. Thanks to the ability to expressly develop, test and evaluate the quality of new materials and technologies expressly, we will be able to stay ahead of the development of new batteries in cooperation with InoBat and virtually the entire region. We will also avoid the gradual obsolescence of production technologies. We will guarantee their technological relevance, not to mention the creation of new jobs over the next decades, ”said Mark Gresser.
The joint project also comes in response to the European Commission's call for technological independence and an improvement in the situation of lagging car battery production in Europe. The production line should have a capacity of 100 MWh in order to gradually expand it to the large-scale production of 10 GWh batteries. This figure is the accumulated capacity of 150,000 batteries produced per year.
The second largest single market
“The EU is expected to become the second largest single market for batteries for electric vehicles and commercial energy storage. We are pleased that many European initiatives are developing in this regard, and we aim to give them the greatest possible support to help the EU reach its full potential and establish itself as a key player on the world stage over the next two years, " said Maroš Šefčovič.
The estimated financial costs for the construction of the production line will be partly covered by the shareholders and strategic partners of InoBat and partly by debt instruments. At the same time, the Alliance of InoBat and Wildcat is currently communicating about possible support from the European Investment Bank, which has already supported several similar projects.
“The European Investment Bank, one of the European Union's financial institutions, is working closely with the European Commission to support the development of the European battery industry. It is important to bring to Europe the world's best technologies and improve them in line with European standards. We are therefore pleased that Wildcat and InoBat have decided to work together to create a springboard for future battery development in the Danube Valley region, ”said Vazil Hudák.