International Battery Company, a startup dedicated to developing lithium-ion battery cells for electric vehicles, has successfully raised $35 million in funding. The company aims to address the demand-supply gap in India’s rapidly expanding EV market.
Key Takeaway
International Battery Company secures $35 million in funding to address the demand-supply gap in India’s burgeoning EV market, with plans to raise an additional $70 million for further expansion.
Revolutionizing the EV Market
The pre-Series A round, led by RTP Global, witnessed the participation of Beenext, Veda VC, and strategic Korean and U.S. investors. This funding sets the stage for a larger round, with the startup looking to raise approximately $70 million. The move comes at a crucial time as India is home to over 3.5 million EVs, with a significant portion comprising electric two-wheelers and a mere 10% accounting for four-wheelers. The country’s ambitious goal to electrify a substantial portion of its vehicle base by 2030 presents a significant opportunity for International Battery Company.
Meeting the Demand
Currently, the Indian market relies on imported EV batteries, primarily from China, raising concerns about safety and sustainability. International Battery Company aims to alleviate these issues by providing in-house Li-ion battery cells designed to meet the specific requirements of the Indian market. The startup’s focus on local manufacturing and tailored battery technology positions it as a key player in fulfilling the country’s EV battery demand.
Local Manufacturing and Expansion
The startup’s manufacturing plant in South Korea, with a 50MWh capacity, is dedicated to producing Li-ion cells designed specifically for the Indian market. Additionally, International Battery Company has secured certification from India’s Bureau of Indian Standards (BIS) to commence selling its EV battery cells in the country. The company has also outlined plans to establish a 10GWh facility in Bengaluru by 2028, with an initial 2GWh facility slated for completion by 2025.
Future Prospects
Looking ahead, International Battery Company aims to expand its operations beyond India, targeting markets in Korea, North America, and Europe. The startup’s customer pipeline includes prominent names such as Ather Energy, River and Matter, Euler Motors, Exponent Energy, and Hyundai, signaling a promising trajectory for the company’s growth.
Exploring New Horizons
While the company remains focused on its current objectives, it is also conducting research on sodium-ion cells as a potential alternative to lithium-ion batteries. With a strong team and a clear vision, International Battery Company is poised to play a pivotal role in shaping the future of EVs in India and beyond.
