EIT InnoEnergy agrees to purchase Prime Batteries Technology

• EU-backed sustainable energy investor EIT InnoEnergy has authorized an offer to make an investment of an unrevealed amount in Prime Batteries Technology, a producer of lithium-ion batteries as well as tailor-made storage systems.

With head office in Romania, Prime Batteries Technology sells its products to various industries, including automotive, marine, industrial as well as material handling, along with energy storage. It states that renewable energy manufacturers are among its major existing customers.

The company wishes that the investment manage EIT InnoEnergy will aid it scale up its annual production outcome to 8 GWh. According to CEO Vicentiu Ciobanu, Prime Batteries Technology has actually already safeguarded most of the orders for the next 2 years as well as over 80% of its sales most likely to returning customers.

"Due to growing need, we need to enhance our manufacturing capacity. Our passion is to scale up our yearly production result to 2 GWh by 2024 as well as to 8 GWh by 2026. We will certainly do this by further developing our wise manufacturing facility that at the same time allows us to make batteries at a considerably reduced expense," Ciobanu mentioned.

EIT InnoEnergy, called the innovation engine for sustainable power backed by the European Institute of Innovation & Technology (EIT), is already a capitalist in field players such as Sweden's Northvolt and also France's Verkor.