Mineral Resources put on watchlist by shareholder
Superannuation fund HESTA has placed the Perth-based mining services firm on watchlist over governance concerns.
At a time when Europe is working towards challenging China’s dominance of the global battery market, Slovak company InoBat Auto announced the acquisition of a 290,000-square-foot industrial space near the capital Bratislava, where it is planning to build an innovative production facility.
In a press release, InoBat deemed the project “the world’s first 100MWh facility,” which will combine the company’s proprietary High Throughput Process R&D with prototype battery cell-manufacturing capabilities.
The factory is strategically located in close proximity to nine major original equipment manufacturers, including Peugeot, KIA and Jaguar Land Rover
The project is backed by IPM Group and Wildcat Discovery Technologies, and InoBat is planning to use Wildcat’s proprietary R&D to continuously develop customer-specific battery cells through HTP and artificial intelligence.
“The facility is expected to be the first in the world to produce batteries to specifications of the vehicle manufacturer, rather than selling from a catalogue, and will enable European electric vehicle manufacturers to reduce dependence on imports from Asia,” the media brief states.
“InoBat Auto’s production will contribute to a strong European energy production and storage infrastructure now recognised as vital for growth and EU technological independence, particularly after the supply chain disruption demonstrated by recent restrictions following the outbreak of covid-19.”
Production of the first bespoke battery cells is expected in 2021. Following this first phase, fundraising for a second phase will take place with the goal of expanding to a €1 billion InoBat Auto Gigafactory, which should provide an estimated 240,000 EVs with cutting edge batteries by 2024.
