Ideanomics partners with InoBat to collaborate on EV batteries

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Ideanomics partners with InoBat to collaborate on EV batteries

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By Theresa Lovrak
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Ideanomics, a company that accelerates the commercial adoption of electric vehicles, announced its investment in InoBat Auto, a European-based premium battery technology and manufacturing company. The funding will support the completion of InoBat’s R&D center and pilot battery plant located in Voderady, Slovakia by the end of 2022.

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In conjunction with the investment, Ideanomics and InoBat will also collaborate to develop, produce and distribute integrated battery pack solutions for the U.S. market. The collaboration is intended to accelerate Ideanomics subsidiaries’ continued growth and deliver potential revenue opportunities targeting other U.S. commercial EV fleet customers.

InoBat is actively pursuing plans to build several gigafactories on additional sites across Europe and other global locations through 2024 in order to support and serve the international market at scale.

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BorgWarner acquires Hubei SSE charging business

SSE’s electrification capabilities in China are expected to complement BorgWarner in Europe and North America.

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By David Sickels
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BorgWarner has agreed to acquire the electric vehicle solution, smart grid and smart energy businesses of Hubei Surpass Sun Electric (SSE). The transaction has an enterprise value of up to RMB 410 million (approx. $59.36 million).

Headquartered in Xiangyang, Hubei province, China, SSE’s electrification business supplies patented electric vehicle charging solutions to customers in China and more than 70 other countries. SSE says it has delivered over 50,000 charging points and has led the engineering, procurement, and construction (EPC) of more than 250 charging station sites. SSE’s charging and electrification capabilities in China are expected to complement BorgWarner’s existing capabilities in Europe and North America, the companies say. SSE’s 2022 revenues for the electrification business are expected to be approximately RMB 180 million (approx. $26.06 million).

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