Electric vehicle (EV) battery technology company InoBat has signed a declaration of intent with the Serbian government on the construction of a major new EV battery factory.
The new production plant will help to meet the growing demand for electric car batteries in Europe while Serbia is chosen as an increasingly important destination for manufacturing automotive components.
InoBat said in a press release on November 14 that the Serbian government will provide “financial and material support” for the project. The company did not disclose the size of this support, but according to Reuters, it will provide funding of up to €419 million, including grants and tax incentives.
CEO of InoBat, Marian Bocek, has said that the Serbian government had been “exceptional partners”. “The agreement reflects our shared ambition for the future of green mobility and the importance of fostering sustainable growth models,” he added.
The Slovak company has already established a branch in Serbia – InoBatAuto Belgrade.
In the press release published on InoBat’s website, Serbian Prime Minister Ana Brnabić was quoted as saying that the factory was an important turning point for Serbia in positioning the country as a major contributor to a sustainable and green future and becoming one of the leading European stakeholders in the extremely innovative and revolutionary strategic industrial sector.
The project will also be supported by the International Finance Corporation (IFC), part of the World Bank Group, via its early-stage project development engagement with InoBat.
(Biznis.rs, BNE IntelliNews, 15.11.2022)
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