Ideanomics Invests In InoBat To Collaborate On EV Battery Offerings

Ideanomics Inc IDEX has made a strategic investment in InoBat Auto, a European-based premium battery technology and manufacturing company. Financial terms were not disclosed.

• The investment will support the completion of InoBat's R&D center and pilot battery plant located in Voderady, Slovakia, by the end of 2022.
• The parties will also collaborate to develop, produce, and distribute integrated battery pack solutions for the U.S. market. The partnership will help accelerate Ideanomics subsidiaries' growth and deliver potential revenue opportunities targeting other U.S. commercial EV fleet customers.
• InoBat is actively pursuing plans to build several gigafactories on additional sites across Europe and other global locations through 2024.
• Andy Palmer has joined InoBat to drive the development of the European-based R&D and battery production center.
• "With Rio Tinto and Amara Raja's recent strategic investments and relationships in Europe and Asia, we believe that InoBat will have access to the materials and rare-earth metals necessary to produce batteries at scale and help to minimize supply chain risks across our Ideanomics Mobility operating companies," said Robin Mackie, President of Ideanomics Mobility.
• Price Action: IDEX shares are trading higher by 2.90% at $1.43 during the premarket session on Tuesday.