International Battery Company Raises USD 35 Mn To Expand Manufacturing Capacity

International Battery Company (IBC), a product and technology company that specialises in the creation of large-sized rechargeable Prismatic Li-ion NMC batteries, has raised USD 35 Million in Pre-Series A round led by RTP Global, and contributions from a broader investment base which includes Beenext, Veda VC, and other strategic Korean and US Investors.

IBC has channeled this investment into a 50 MWh capacity manufacturing plant, and has developed United Nations 38.3 and BIS certified, ready-for-delivery battery cells for the Indian market. These batteries will meet the region's requirements, such as the need to operate safely in high temperatures, support fast charging capacities in democratised charging environments, and offer an extended lifecycle, with a 7-10 year warranty. Furthermore, the used components are fully recyclable and reusable.

IBC’s research and development is rooted in the Silicon Valley, United States, with production taking place at a fully operational, state-of-the-art facility in South Korea. The 50MWh manufacturing facility produces United Nations certified prismatic Li-ion NMC batteries, which are already being shipped at volume to India. 

The funds have enabled the expansion of IBC's manufacturing capabilities including setting up state-of-the-art data systems with AI/ML models for yield enhancement, and will advance the progression of a “copy exact,” new 2 GWh lithium-ion Giga factory in Bengaluru, which will commence production by 2025, following an MoU with the Karnataka government in August 2023 for 100-acres of land next to Bangalore. This facility is part of IBC's vision to achieve a production capacity of 10 GWh by 2028.

Priyadarshi Panda, Founder and CEO, International Battery Company, stated in a press release: “This funding is a powerful vote of confidence from our investors, accelerating our vision to transform the EV landscape. As pioneers in giga-scale manufacturing in India, we are setting the pace in the market with precision, innovation, a deep understanding of Indian consumer needs, and a unique product based approach,”