Mumbai: International Battery CompanyA product and technology company that specializes in manufacturing eco-friendly, large-sized rechargeable prismatic Li-ion batteries has raised $35 million in fresh funding. This includes a Pre-Series A round led by RTP Global and extensive contributions investment base Which includes Beenext, Ved V.C and other strategic Korean and American investors.
IBC has made this investment into a 50 MWh capacity manufacturing plant and developed United Nations 38.3 and BIS certified, ready-for-delivery battery cells for the Indian market, reflecting the growing needs of India’s EV and energy storage sectors. These batteries will meet the specific requirements of the sector, such as the need to operate safely in high temperatures, support fast charging capabilities in democratic charging environments and provide an extended lifecycle with a 7-10 year warranty.
According to a recent report by Bain & Company, India’s EV market is expected to contribute more than 40% of its automotive market and generate more than $100 billion in revenue by 2030. IBC currently focuses its product development on batteries for two and three. Wheeled vehicles, light commercial vehicles and agricultural and industrial equipment targeting the small mobility sector. Adopting a collaborative ethos, IBC has also secured binding contracts with three partner customers for co-manufacturing and supplying battery packs. “This funding is a powerful vote of confidence from our investors, which accelerates our vision of transforming the EV landscape,” said Priyadarshi Panda, Founder and CEO, International Battery Company.
“IBC’s work in EV battery technology aligns perfectly with our mission to support transformative projects that have a positive impact globally,” said Nishit Garg, Partner, Asia Investments at RTP Global.
IBC has made this investment into a 50 MWh capacity manufacturing plant and developed United Nations 38.3 and BIS certified, ready-for-delivery battery cells for the Indian market, reflecting the growing needs of India’s EV and energy storage sectors. These batteries will meet the specific requirements of the sector, such as the need to operate safely in high temperatures, support fast charging capabilities in democratic charging environments and provide an extended lifecycle with a 7-10 year warranty.
According to a recent report by Bain & Company, India’s EV market is expected to contribute more than 40% of its automotive market and generate more than $100 billion in revenue by 2030. IBC currently focuses its product development on batteries for two and three. Wheeled vehicles, light commercial vehicles and agricultural and industrial equipment targeting the small mobility sector. Adopting a collaborative ethos, IBC has also secured binding contracts with three partner customers for co-manufacturing and supplying battery packs. “This funding is a powerful vote of confidence from our investors, which accelerates our vision of transforming the EV landscape,” said Priyadarshi Panda, Founder and CEO, International Battery Company.
“IBC’s work in EV battery technology aligns perfectly with our mission to support transformative projects that have a positive impact globally,” said Nishit Garg, Partner, Asia Investments at RTP Global.