June 20, 2024
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Gotion High-Tech and InoBat to Invest €1.2 Billion in Slovakian EV Battery Plant

Gotion High-Tech and InoBat will invest €1.2 billion in a new EV battery plant in Slovakia, boosting the country's automotive industry and supporting the growing demand for electric vehicles.
Gotion High-Tech and InoBat to Invest €1.2 Billion in Slovakian EV Battery Plant

Chinese battery giant Gotion High-Tech and its Slovakian partner, InoBat, have announced a landmark €1.2 billion investment to construct a cutting-edge electric vehicle (EV) battery plant in Slovakia. This significant move not only marks the second-largest investment in the country's history but also serves as a catalyst for Slovakia's burgeoning EV battery industry.

The ambitious project, set to commence production in early 2027, aims to produce batteries with a combined annual output of 20 gigawatt hours in its initial phase. Reaching full capacity by mid-2027, the plant is expected to play a pivotal role in meeting the soaring demand for EV batteries in Europe.

Slovakia's Economy Minister, Denisa Sakova, hailed the investment as a major boost for the country's automotive sector, which plays a crucial role in its economy. With the global automotive industry rapidly transitioning towards electric vehicles, this strategic investment positions Slovakia as a key player in the European EV battery supply chain.

The Gotion-InoBat consortium will receive substantial government support, including €150 million in subsidies and €64 million in tax breaks, underscoring the government's commitment to fostering the growth of the EV battery industry. This financial backing not only incentivizes foreign investment but also demonstrates Slovakia's determination to become a leader in sustainable transportation technologies.

The collaboration between Gotion High-Tech and InoBat brings together the expertise of a global battery leader and a local innovator. Gotion High-Tech, a prominent player in the Chinese battery market, brings its extensive experience in battery manufacturing and technology. Meanwhile, InoBat, a Slovakian startup, offers its innovative approach to battery development and customisation.

The new plant will not only contribute to the growth of Slovakia's economy but also create numerous job opportunities in the region. The project is expected to generate a significant number of direct and indirect jobs, providing a welcome boost to local employment.

The establishment of this state-of-the-art EV battery plant in Slovakia aligns with broader European efforts to strengthen the continent's EV battery industry and reduce reliance on dominant Asian battery makers. As countries across Europe race to secure investments in this rapidly evolving sector, Slovakia's proactive approach and attractive incentives have positioned it as an appealing destination for battery manufacturers.

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