Chinese battery maker Gotion High Tech has purchased a 25% stake in Slovak battery maker Inobat, marking the first investment by a Chinese battery maker in a European startup. Europe has been actively working to establish its own EV battery industry and reduce its reliance on Asian battery makers. This investment by Gotion in Inobat is a significant step towards strengthening Europe’s EV battery sector. This collaboration between Gotion and Inobat aims to develop and manufacture batteries that will be widely used in households across Europe. With Gotion’s support, Inobat is expected to accelerate its production capabilities and contribute to Europe’s goal of achieving greater autonomy in the EV battery industry.

Source: Economic Times September 01, 2023 08:32 UTC