Northvolt is gone, China-backed InoBat is here
Slovakia based startup InoBat Like Northvolt, it was going through a difficult period. However, the company emerged from this difficult process by becoming China’s fifth largest battery manufacturer. GotionHe found it in . InoBat’s financing difficulty was resolved last year when Gotion purchased a 25 percent stake and established a joint venture with the company.
Gotion, which has a nominal capacity of 150 gigawatt hours (GWh) in 2023, aims to increase this capacity to 270 GWh in 2025. This amount far exceeds Europe’s current capacity. Morningstar analyst Vincent Sun states that this size reinforces China’s dominance in the sector. Investors say that InoBat’s cooperation with Chinese Gotion made a big difference in providing financing, and state that this partnership can set an example for other European projects.
There is still hope
Northvolt’s failure to achieve mass production targets despite raising more than $10 billion is a big warning for other startups in Europe. Despite the huge resource, Northvolt failed in its plans to compete with China’s experienced and deep-pocketed BYD and CATL. This situation also shook the foundations of other battery projects in the EU.
Stellar ve Mercedes-Benz joint venture led by ACC this year including at least eight The company produces electric vehicle batteries in Europe He either postponed his projects or canceled them completely. Europe’s battery capacity dropped to around 170 GWh in 2024.
However, some projects are promising. Renault’based in France, supported by CorrDunkirk will cost 3 billion euros and will be completed annually. 16 GWh plans to establish a capacity facility. of this facility To be completed in 2028 and to supply batteries to 300,000 electric vehicles per year to provide is targeted. Companies such as UK-based Ilika act with a licensing strategy instead of establishing giant facilities. Ilika plans to offer test battery cells to 17 different automotive and battery manufacturers in 2025. However, experts also point out that in order for battery manufacturers in Europe to compete with their Chinese rivals, they need not only technology but also solid partnerships with major automotive manufacturers and economies of scale.
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