InoBat Auto and Ideanomics reveal plans to build R&D and battery production facilities in Indiana, USA, supported by the State of Indiana

Rhea-AI Summary

InoBat Auto and Ideanomics announced plans to develop electric vehicle (EV) battery facilities in Indiana, USA, enhancing their strategic partnership. They aim to establish an R&D and production site with an initial capacity of 100 MWh, followed by a commercial-scale plant capable of producing 2-3 GWh annually. The State of Indiana supports this initiative due to favorable conditions for industrial projects. This move stems from Ideanomics' January 2022 investment in InoBat, ensuring a secure battery supply and the development of advanced battery solutions for the U.S. market.

Positive

• Establishment of R&D and production facility in Indiana with 100 MWh capacity.
• Plans for a commercial-scale assembly plant with 2-3 GWh annual output.
• State of Indiana's support indicates favorable investment climate.
• Partnership aims to secure future EV battery supply and distribution.

Negative

• None.

• InoBat Auto, Ideanomics, and the State of Indiana declare ambitious EV electrification plans for the North American market.
• Within their strategic partnership, InoBat Auto and Ideanomics intend to:
• Open a new battery module and pack R&D and a prototype-volume production facility.
• Construct a full commercial-scale battery module and pack assembly plant.
• InoBat is also exploring the potential construction of a cell manufacturing plant in line with future offtake agreements.
• The State of Indiana was chosen as a prime location for investment due to its high concentration of OEMs, suitable business conditions for industrial projects and support from the State.
• Listed plans follow up on Ideanomics' strategic investment into InoBat Auto from January 2022 to secure future battery supply and commercialize standard and tailor-made battery packs for the U.S. market.

INDIANAPOLIS, June 23, 2022 /PRNewswire/ -- InoBat Auto, the European pioneering supplier of premium batteries for electric vehicles, in cooperation with Ideanomics, a global company focused on accelerating the adoption of commercial electric vehicles (EV), plans to embark upon a phased investment project based in Indiana, USA, in three stages. First, to open a new R&D and production facility for battery module and pack assembly with an initial annual production capacity of 100 MWh. Both parties then aim to construct a full commercial-scale battery module and pack assembly plant with an initial 2-3 GWh yearly production capacity. The first two phases would be supplied by cells from InoBat Auto's European facilities. Depending on sufficient and bankable offtake agreements, InoBat Auto is also exploring the option to construct a tailor-made battery cell production facility with an initial 4 GWh annual capacity.

Marian Boček, InoBat Auto Chief Executive Officer, commented, "I am incredibly excited to announce our plans for the new module and pack R&D and production facility in Indiana, exemplifying the valuable synergies and opportunities that our partnership with Ideanomics offers. At InoBat, we provide innovation across the entire value chain due to our "cradle to cradle" approach. Ideanomics has a similar entrepreneurial mindset to our own in terms of aiming to electrify various mobility segments and is looking to reinvent the market with innovative financing and energy solutions to drive EV adoption. This announcement is a testament to our new and thriving relationship as well as our core commitment to sustainability. Our presence in Indiana will ensure we both reach our joint target of producing exceptional commercializing standard and tailor-made battery packs for the U.S. market."

InoBat Auto and Ideanomics (NASDAQ: IDEX) are expanding the strategic partnership established in January 2022 to develop, produce, and distribute integrated battery pack solutions for the US market. InoBat Auto's cutting-edge R&D capability and manufacturing model enable the rapid designing, engineering and creation of bespoke EV battery solutions that exceed current industry standards and meet customer needs. InoBat Auto's first-generation NMC 622 pouch cell achieved 25% quicker charging from 5-80% capacity, 20% extra cycle life, 6% higher capacity, 28% better capacity retention at -20°C (-4°F) than the benchmark pouch cells (with same dimensions and weight) from a globally present East Asian battery manufacturer. The European company is already delivering their 4^th generation cells to customers for vehicle prototyping purposes. These advanced battery solutions will provide a significant technological edge for Ideanomics' vehicle, charging, and energy solutions to meet fleet operations' growing needs for clean mobility and infrastructures.

"InoBat's collaboration with Ideanomics along with Indiana's strong diplomatic and business relationship with Slovakia prove Indiana is the best possible location for InoBat's first North American headquarters, production facility and eventual commercial-scale battery module and pack assembly plant," said Brad Chambers, Indiana Secretary of Commerce. "The Indiana Economic Development Corporation is committed to InoBat and Ideanomics and will remain a true partner through each stage of this process as we look to identify sites and negotiate a potential incentive package."

Both InoBat Auto and Ideanomics are proud to be supported by the State of Indiana, which will provide administrative, advisory, fiscal and site location support while putting the state in a position to be a frontrunner for battery development in the US. The stimulation of the local economy, strong industrial focus and potential to make Indiana a hub for sustainable mobility made Indiana a natural fit to host the previously mentioned investments and long-term vision of InoBat Auto and Ideanomics.

"This partnership demonstrates our continuing effort to make EV the natural mobility successor," states Alf Poor, Chief Executive Officer at Ideanomics. "It has been our mission to expedite the innovations needed to accelerate EV adoption. Our partnership with InoBat will secure future battery supply and create a force multiplier for technologies across our operating companies. This is another reflection of our commitment to boost clean technology job opportunities in the U.S."

This commitment could also attract additional clean technology companies to the state of Indiana, including investments from InoBat Auto's C2C (Cradle-to-cradle) value chain, such as stationary energy storage, battery recycling and production of battery-grade recycled materials. The parties also express a common interest in localizing other relevant suppliers in the proximity of the listed future facilities and maximize the usage of green electricity in their facilities to comply with global Net Zero commitments.

The announcement follows InoBat Auto's recent commercial agreement with Lilium, the developer of the first all-electric vertical take-off jet, becoming their exclusive battery provider. Both announcements evidence InoBat Auto's ambition to provide state-of-the-art standard and tailor-made batteries, pushing the boundaries of the global sustainability sector.

About InoBat

InoBat specializes in pioneering research, development, manufacture, supply, recycling, and ultimate careful disposal of innovative electric batteries custom-designed to meet the specific requirements of global mainstream and specialist OEMs within the automotive, commercial vehicle, motorsport, and aerospace sectors. 

InoBat provides innovative solutions across the entire value chain thanks to its "cradle-to-cradle" approach, which showcases the concept of a circular economy. InoBat is backed by a strong consortium of strategic investors and partners such as Rio Tinto, Amara Raja, Ideanomics, IFC, IPM Group, Matador, AEN, CSG and Across.

A European-based battery manufacturer, InoBat already has a battery research and development facility and pilot line under development in Slovakia. InoBat has also been approved for grant financing under the EU sponsored programme, Important Projects for Common European Interest, and already received a grant from the Slovak Government. 

For more information and news on InoBat, please visit https://inobatauto.eu.

About Ideanomics

Ideanomics (NASDAQ" IDEX) is a global group with a simple mission: to accelerate the commercial adoption of electric vehicles. By bringing together vehicles and charging technology with design, implementation, and financial services, we provide solutions for the commercial world to commit to an EV future. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit: https://ideanomics.com.

CONTACTS

InoBat Auto
Gary Haddon
Gary.haddon@inobat.eu 

Katarina Stryckova
Katarina.stryckova@ipmllp.com 

Zoë Watt, Teneo for InoBat Auto
zoe.watt@teneo.com

Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018  
ir@ideanomics.com

Malory Van Guilder, Skyya PR for Ideanomics
malory@skyya.com

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SOURCE Ideanomics

FAQ

What are InoBat Auto and Ideanomics planning to build in Indiana?

They plan to build R&D and battery production facilities in Indiana.

What is the initial production capacity of the new facility?

The initial production capacity will be 100 MWh annually.

When was Ideanomics' investment in InoBat Auto announced?

The investment was announced in January 2022.

What is the production capacity of the planned commercial-scale plant?

The planned commercial-scale plant aims for 2-3 GWh annual production.

Why was Indiana chosen for the new facilities?

Indiana was chosen due to its concentration of OEMs and supportive business conditions.