Prime Batteries Technology produces state-of-the-art lithium-ion batteries and tailor-made battery systems for the automotive, smart grids, and industrial sectors. The company possess unique expertise on integrated battery production that includes cells manufacturing, modules and packs building, as well as constructing and operating grid scale Energy Stationary Storage (ESS) units.
The company has signed an investment agreement with EIT InnoEnergy with the aim to scale up its annual production output to 8 GWh.
Prime to scale up production output to 8GWh
Prime Batteries Technology, a breakthrough developer, manufacturer and distributor of lithium-ion batteries and bespoke storage systems, has signed an investment agreement today with EIT InnoEnergy, the innovation engine for sustainable energy supported by the European Institute of Innovation & Technology (EIT), a body of the European Union.
The investment formalises EIT InnoEnergy as a shareholder in Prime Batteries Technology that will support the company in achieving its ambition to scale up annual production output to 8GWh, attracting and accessing talent, and paving the way for it to become one of the success stories of the European battery value chain.
Prime Batteries Technology has long-standing experience in producing battery and tailor-made storage solutions across a range of industries including automotive, marine, industrial and material handling, and energy storage. The company’s in-depth understanding of customer needs married with its broad coverage of value chain solutions has seen successful partnerships with the United Kingdom, Germany, Norway, Spain, Italy, Poland, Croatia, Slovenia, and Turkey.
Rapidly growing battery market
With the value of the global battery market due to double in the next four years as demand grows rapidly for lithium-ion batteries – and in Europe, this demand outstrips production – dynamic growth and strengthening of the continent’s supply chain is vital. It is on its way to become the second-largest battery producer after China by 2025 and this investment is an example of expertise and resource collaboration to enable rapid capacity scaling of key players in the market.
EIT InnoEnergy expertise
EIT InnoEnergy, which Pitchbook ranks as the most active sustainable energy investor globally, is the driving force behind the European Battery Alliance (EBA), and is recognised as a major early investor in other successful battery gigafactory ventures. These range from Swedish Northvolt (recently closed USD 2,75 B financing round), to French Verkor (closed EUR 250 M founding round and secured a strategic partnership with Renault).
Source: European Institute of Innovation & Technology I News (https://bit.ly/3X3xDmr)