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April 19, 2024
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Prime Batteries Technology Receives EUR 1B Investment, EIT InnoEnergy Becomes Minor Shareholder

Romanian energy storage solution provider Prime Batteries Technology receives a considerable investment from the European conglomerate EIT InnoEnergy, co-founded in 2008 by the European Union and comprises banks and businesses from across Europe like ING, Volkswagen, and Siemens. To increase the production of batteries and storage systems, the group has announced an investment of more than one billion euros.

The shares acquisition from Prime Batteries Technology in Ilfov by EIT InnoEnergy was officially announced Thursday in Brussels. Adina Vâlean, the European Commissioner for Transport, Florin Spataru, the Economy Minister, and other Romanian MEPs were present at the ceremony.

„Central and Eastern Europe is becoming an important player in the energy transition and battery production and we are glad to see a Romanian company developing”.

Adina Vâlean, European Commissioner for Transport

The current production capacity is 2GWh, and approximately 200 million euros worth of investment will be directed towards the existing Prime Batteries Technology plant in Cernica to produce this amount annually. The conglomerate’s goal is to increase this capacity to 8 GWh, which, as the company’s representatives forecasted, will increase the investment to more than 1 billion euros by 2026.

„A 30–35% component of the funding will come from investment funds focused only on renewable energy causes, with the remaining amount funded by loans. Additionally, we sent a memo to the Ministry of Energy, and we are now eagerly awaiting a response. It is anticipated that China will supply the raw materials for the Cernica factory, for which firm executives claim they have the building authorization. Lithium, nickel, copper, and aluminum make up most of the material. Three axes are targeted by Prime as sales markets: the automobile industry, industrial applications, and storage from renewable energy sources.”

Adrian Polec, Stakeholder at Prime Batteries Technology

EIT InnoEnergy promotes innovation across several industries. Utilizing its dependable network of more than 1200 partners and 29 shareholders, these areas include energy storage, transportation and mobility, renewable sources, and sustainable buildings and cities. By 2030, the portfolio’s more than 180 enterprises will have generated 72.8 billion euros in income and prevented 1.1 gigatons of carbon dioxide from entering the atmosphere.

”We have already secured most of the orders for 2023 and 2024. Due to the growing demand, we need to increase our production capacity. We aim to increase our annual production to 2 GWh by 2024 and 8 GWh by 2026. We will do this by further developing our smart factory, which, at the same time, allows us to produce batteries at a significantly lower cost.”

Vicenţiu Ciobanu, Executive Director and Shareholder of Prime Batteries Technology.

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