Battery manufacturer Amara Raja Energy & Mobility has invested an additional €20 million (~$21.4 million) in electric vehicle (EV) battery firm InoBat, Norway, for a 4.5% equity stake.

Amara Raja’s stake in the Slovakia-headquartered InoBat now stands at 9.32%. It had earlier invested €10 million in the company to enable it to secure a foothold in the European EV ecosystem.

InoBat specializes in custom-designing batteries for EVs to meet specific requirements of global mainstream and specialist original equipment manufacturers (OEMs) in the automotive, commercial vehicle, motorsport, and aerospace sectors.

Amara Raja’s products range from energy storage solutions, lithium-ion cell manufacturing, EV chargers, and Li-ion battery pack assembly to automotive and industrial lubricants and exploration of new chemistries.

Vikramadithya Gourineni, Executive Director of Amara Raja, said, “Our investment in InoBat underscores our commitment to being at the forefront of the energy revolution. InoBat’s innovative approach to battery technology complements our mission to deliver sustainable and cutting-edge energy solutions.”

Last September, Chinese battery manufacturer Gotion High-Tech acquired a 25% stake in InoBat.

In May 2024, Amara Raja reported a 15% year-over-year increase in revenue to ₹27.96 billion (~$338 million) for the fourth quarter of 2023. It attributed the robust performance to momentum across both the lead-acid battery and new energy businesses. The company saw healthy volume growth in automotive and industrial applications in the lead-acid segment.

In May 2023, Amara Raja set up Telangana’s first gigafactory for lithium cell and battery pack manufacturing in the Mahbubnagar district. The unit, which has a capacity of up to 16 GWh, caters to domestic and international markets.

The Telangana government had entered into a memorandum of understanding with Amara Raja Advanced Cell Technologies, an Amara Raj Group subsidiary working on Li-ion cell chemistries customized for the Indian sub-continent.