International Battery Company, a Sunnyvale, CA-based product and technology company that specializes in the creation of eco-friendly, large-sized rechargeable Prismatic Li-ion NMC batteries, raised USD 35M in funding.
The round was led by RTP Global, with participation from Beenext, Veda VC, and other strategic Korean and US Investors.
The company intends to use the funds to further the development and production of Prismatic Li-ion NMC batteries.
Led by Priyadarshi Panda, Founder and CEO, International Battery Company is a product-tech company which specializes in the development of large-sized, eco-friendly Prismatic Li-ion NMC batteries, pivotal to advancing a cleaner, more sustainable future. With its roots in R&D in the US and manufacturing in South Korea, IBC is poised to extend its Giga manufacturing facility to India.
Priyadarshi is joined by co-founders Raj Singh (CRO), Venkatesh Valluri (President, IBC India), and Sasi Kuppannagari (COO), each bringing unique expertise to propel IBC’s mission.
Commenting on the news, Priyadarshi Panda said: “India is becoming one of the fastest growing EV markets in the world, with the government and consumers alike recognizing the long-term cost benefits and opportunity to reduce greenhouse gasses and achieving net zero, which can only happen through rapid proliferation of technology ready to scale today. Despite the massive opportunity for EVs in India, batteries underpinning this revolution are not being manufactured in India. Furthermore, the current focus on manufacturing is not on Li-ion cells developed to meet the specific requirements of the Indian market, such as safe operations in high temperatures, fast charge-discharge as well as a high cycle life, which are needed to provide customers with excellent driving experiences and for the offer of long warranties. We are bringing the best research and development through a highly trained and experienced team in the U,S to develop a product that is designed for high-speed manufacturing out of South and South East Asia for this particular market. It is a truly global solution that will help accelerate EV adoption in the region.”
FinSMEs
18/01/2024