International Battery Company (IBC) – a product and technology company specializing in creating eco-friendly and large-sized rechargeable Prismatic Li-ion NMC batteries – is announcing it has raised $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 channeled this investment into a 50 MWh capacity manufacturing plant and has developed United Nations 38.3 and BIS-certified and 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, like operating safely in high temperatures, supporting fast charging capacities in democratized charging environments, and providing an extended lifecycle with a 7-10-year warranty. And its highly eco-friendly products use fully recyclable and reusable components, supporting India’s push towards a greener future and closed-loop manufacturing, where materials are repurposed and reused, minimizing waste and reducing environmental impact and carbon footprint.
India’s EV market is expected to account for over 40% of its automotive market and generate over $100 billion of revenue annually after a few more years. And 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 R&D is rooted in the Silicon Valley, United States, with production taking place at a fully operational, state-of-the-art facility in South Korea. And the 50MWh manufacturing facility produces United Nations certified prismatic Li-ion NMC batteries – which are already being shipped at volume to India.
These 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.
IBC is led by founder Priyadarshi Panda, an alumnus of Massachusetts Institute of Technology (MIT) and the Indian Institute of Technology (IIT) Kanpur. And 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.
KEY QUOTES:
“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. We’re not just preparing to meet the demand; we’re actively shaping the market, driven by an engineering-first mindset and a sustainable product philosophy. With the EV industry in India on the cusp of a revolution, IBC is poised to lead this energy transformation.”
— Priyadarshi Panda, Founder and CEO, International Battery Company
“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.”
— Nishit Garg, Partner on RTP Global’s Asia investment team
