InoBat, the Chinese-Slovak company planning to establish a battery gigafactory in Valladolid, has issued a cautionary message to Spain.
Andy Palmer, the company’s president and former COO of Nissan and CEO of Aston Martin, highlighted the growing appeal of regulatory frameworks and financial incentives offered by neighbouring countries. “We are seeing a ripple effect, with proposals coming from various countries in our region. Their attractive regulatory environments and significant direct aid allocations must be carefully considered by InoBat, alongside the interest we have shown in Spain from the outset,” he stated.
Despite this, Palmer reassured that “InoBat remains fully focused on Spain, and particularly on Valladolid, and is optimistic about securing funding for the immediate development of the first phase of its project.”
Palmer also reflected on 2024, describing it as a milestone year for InoBat, during which the company achieved significant technological advancements and raised €100 million in investments.
“The committed financial support from our key partners, investors, and collaborators—including Amara Rojo, Rio Tinto, Lilium, Bromo Capital, IPM Group, Cielo Capital, and Gotion, the Chinese battery cell manufacturer backed by the Volkswagen Group—will pave the way for InoBat to become Europe’s leading battery company,” Palmer added.
The British executive emphasised the company’s strong relationships with the Spanish Government, the regional government of Castilla y León, and the Valladolid City Council, noting that “all coordination with these institutions has always been excellent.”
As a result of this good rapport, InoBat agreed to withdraw its application from the Perte VEC II program and instead participate in the Perte VEC III initiative.
InoBat had previously submitted its project for funding in the second edition of the Perte VEC program. However, due to the “first-come, first-served” nature of the application process, the company missed out on funding after submitting its proposal on the final day of the deadline.
The company has also applied for the third edition of the aid package but has yet to secure any public incentives to support its plans in Valladolid.
By the end of 2023, InoBat finalised its investment agreement for the gigafactory, which will have a capacity of 32 GWh and will be developed in multiple phases.
