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InoBat and Ideanomics win incentives for a joint-venture battery factory in Indiana

InoBat Auto, a European supplier of EV batteries, has secured the “necessary regional incentives” to establish its first North American facility in Indiana. The planned 100,000-square-foot battery module and pack assembly and R&D facility in Indianapolis will be built under a joint venture with Ideanomics.

Construction of the facility is expected to begin in Q1 of 2023, and production to begin in 2024. The companies hope to eventually expand the facility’s production capacity to 2-3 GWh of battery capacity per year.

The Indiana Economic Development Corporation offered InoBat and Ideanomics a performance-based incentive package that includes tax credits, abatements, cash grants and training aid.

Ideanomics, which owns a minority stake in InoBat, retains the right to offtake battery modules and packs from the facility for use in its Solectrac and Energica EVs, as well as vehicles from VIA Motors, which Ideanomics is in the process of acquiring.

“Across the EV industry, companies recognize that having secure access to high-quality and performance batteries is critically important,” said Ideanomics Mobility President Robin Mackie. “Together with InoBat, Ideanomics is creating a resilient battery supply chain that can keep pace with our growing EV business. This joint venture helps guarantee that we have access to a secure, consistent supply of the highest-quality battery packs, modules, and cells, which gives us a huge competitive advantage.”

Sources: Ideanomics, InoBat

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