InoBat Auto secured funding from the Slovakian government to build a €1 billion euro ‘Gigafactory’ for battery production.

The new battery manufacturing plant will focus on batteries and new energy solutions for electric vehicles. As well as production the plant will also focus on research and development to support the construction of a 10 GWh Gigafactory in Slovakia which is the world’s biggest car producer per capita of population.

With this investment the Slovakian Government has contributed to the first-phase to deliver the Gigafactory, which will deploy cutting edge battery technology with the potential to provide an estimated 240,000 electric vehicles with state of the art batteries by 2024.

InoBat Auto says its planned Gigafactory will catapult Slovakia to become a  major player in the electric vehicle battery industry.