Technology firm International Battery Company (IBC) has raised $35m for a 50 MWh capacity manufacturing plant, and has developed ready-for-delivery battery cells for the Indian market.
The batteries will meet the region’s requirements, including working at high temperatures, support fast charging, and offer an extended lifecycle of seven to ten years. In addition, its components are fully recyclable and reusable, supporting closed-loop manufacturing.
IBC has currently focused its product development on batteries for two and three-wheelers, light commercial vehicles, and farm and industrial equipment targeting the small mobility sector. Embracing a collaborative ethos, IBC has also secured binding contracts with three partner customers to co-create and supply battery packs.
IBC’s research and development is rooted in Silicon Valley, with production taking place at a fully operational, state-of-the-art facility in South Korea. The funds have enabled the expansion of its manufacturing capabilities, including setting up data systems, and a new Gigafactory in Bengaluru, which will commence production by 2025.
Priyadarshi Panda, Founder and CEO, International Battery Company, said: “This funding is a powerful vote of confidence from our investors, accelerating our vision to transform the EV landscape. As pioneers in giga-scale manufacturing in India, we are setting the pace in the market with precision, innovation, a deep understanding of Indian consumer needs, and a unique product based approach. We’re not just preparing to meet the demand; we’re actively shaping the market, driven by an engineering-first mindset and a sustainable product philosophy. With the EV industry in India on the cusp of a revolution, IBC is poised to lead this energy transformation.”
Nishit Garg, Partner on RTP Global’s Asia investment team added: “Our investment in International Battery Company underscores RTP Global’s steadfast and ongoing commitment to sustainable technology investments. It reinforces our strategy of investing in early-stage, innovative ventures and our long-term support for their visionary founders. IBC’s work in EV battery tech aligns perfectly with our mission to back transformative projects that have a positive impact on a global scale.”
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