Prime Batteries agrees EIT InnoEnergy investment deal

Prime Batteries agrees EIT InnoEnergy investment deal

Prime Batteries agrees EIT InnoEnergy investment deal 1024 842 Energy Storage Journal

December 8, 2022: Lithium batteries developer Prime Batteries Technology says it signed an investment agreement for an undisclosed sum on November 10 with EU-backed tech developer EIT InnoEnergy.

Prime said the deal would support its ambition to scale up annual production capacity to 2GWh by 2024, rising to 8GWh by 2026.

EIT InnoEnergy, part of the European Battery Alliance, has been involved in early investment in other battery gigafactory ventures. These range from Swedish battery developer Northvolt (a recently closed $2.75 billion financing round), to France’s Verkor — a closed €250 million ($250 million) funding round — plus a partnership with auto giant Renault.

EIT InnoEnergy is supporting moves by the European Union aimed at becoming the second-largest battery producer to China by 2025.

Diego Pavia, CEO of EIT InnoEnergy, said: “Active investment in the electrification of Europe is key to the continent’s energy security, and to fast track the transition towards sustainability.”

Photo: Prime Batteries