International Battery Company raises USD 35 Mn to revolutionize EV adoption in India

The funding will further the development and production of Prismatic Li-ion NMC batteries that operate safely in high temperatures and support fast charging

SUNNYVALE, Calif., Jan. 18, 2024 /PRNewswire/ -- International Battery Company (IBC), a product and technology company that specializes in the creation of eco-friendly, large-sized rechargeable Prismatic Li-ion NMC batteries, is announcing it has raised USD 35 Million. This includes a 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. The investment marks an important moment in IBC's journey to revolutionize the global EV landscape.

IBC is channeling this investment into a 50MWh capacity ramp manufacturing plant and has developed United Nations 38.3 and BIS-certified, ready-for-delivery battery cells for the Indian market, reflecting the growing needs of India's EV and energy storage sectors. These batteries will meet the region's distinctive requirements, such as the need to operate safely in high temperatures, support fast charging capability, and offer an extended lifecycle, with a 7?10-year warranty. Furthermore, its highly eco-friendly products use components that are fully recyclable and reusable, supporting India's push towards a greener future and closed-loop manufacturing, where materials are repurposed and reused, minimizing waste and reducing environmental impact.

India's EV market is expected to account for more than 40% of its automotive market and generate over $100 billion of revenue by 2030, according to a recent report by Bain & Co. IBC has currently focused its product development on batteries for two and three-wheelers, light commercial vehicles, and farm and industrial equipment targeting the small mobility sector. Embracing a collaborative ethos, IBC has also secured binding contracts with three partner customers to co-create and supply battery packs.

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 earlier this year 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.

IBC is led by its visionary founder Priyadarshi Panda, an alumnus of the Massachusetts Institute of Technology (MIT) and the Indian Institute of Technology (IIT) Kanpur. Priyadarshi's expertise in micro and nanoscience, combined with his experience at Intel, Lam Research and Applied Materials, has been instrumental in IBC's journey towards innovation and scalability.

Priyadarshi Panda, Founder and CEO, International Battery Company: "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."

Nishit Garg, Partner on RTP Global's Asia investment team: "Our investment in International Battery Company underscores RTP Global's steadfast and ongoing commitment to sustainable technology investments. It reinforces our strategy of investing in early-stage, innovative ventures and our long-term support for their visionary founders. IBC's work in EV battery tech aligns perfectly with our mission to back transformative projects that have a positive impact on a global scale."

About International Battery Company

Founded in 2022, International Battery Company is a product-tech company that stands at the forefront of the sustainable energy revolution. Based in Sunnyvale, California, IBC 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.

The company's innovation is guided by founder, CEO, and CTO Priyadarshi Panda, an IIT Kanpur and MIT alumnus with over 980 world-wide citations from 7 research publications and 12 granted US patents and notable roles at Intel, Lam Research, and Applied Materials. His experience includes establishing a Prismatic phosphate based Li-ion GigaFactory in New York and a Prismatic Li-ion NMC Factory in Korea, with plans for a third battery manufacturing facility in India, tailored for the Indian market.

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.

IBC is poised for global impact with its 'copy exact' scalability approach in advanced battery technology.

For more information about IBC's technologies, please visit https://ibcbatt.com

About RTP Global

RTP Global is an early-stage venture capital firm, backing the founders who use technology to reimagine how the world works. Since 2000, RTP Global has made over 110 investments worldwide, with one in 10 becoming multi-billion dollar companies and one in 20 publicly trading at over $10bn. Notable investments include Datadog, DeliveryHero, Cred and SumUp. RTP Global has offices in New York, London, Paris, Dubai and Bangalore.

For more information on RTP Global, visit www.rtp.vc or follow us on LinkedIn.

Media contact
Scott Rosenblum | [email protected]

SOURCE International Battery Company